Global

Details

  • Service: Tax, Global Indirect Tax, International Executive Services, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 7/10/2013

Hungary - Increased rates of financial transaction tax, mining tax 

July 10: The Hungarian Parliament passed in late June 2013 legislation that, on enactment, is intended to enhance the collection of taxes and other contributions that could assist the government in reaching its target for a balanced national budget.

Among the measures included in the legislation are:


  • An increase in the rate of the financial transaction tax, generally to be imposed at 0.3% of the amount of the transaction, but subject to a cap of HUF 6,000
  • An increase in the financial transaction tax rate to 6% for cash payments made from bank accounts (e.g., ATM payments)
  • Changes to the telecommunication tax
  • An increase in the mining tax rate, to 16% (up from 12%) on natural gas and oil from hydrocarbon fields put into use prior to 2008
  • A 6% health care levy (in addition to the 16% individual income tax rate) imposed on interest income realized after 1 August 2013

The amendments are scheduled to be effective 1 August 2013.


Read a July 2013 report [PDF 122 KB] prepared by the KPMG member firm in Hungary: The Varga package




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