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World Tax Advisor
28 June 2013
Proposed tax increases announced
Hungary’s Ministry of the National Economy submitted a draft bill to parliament on 17 June 2013 that includes tax rate changes to ensure that the budget deficit target is achieved. Specifically, the bill proposes an increase in the rates of the financial transaction tax and the telecoms tax as from 1 August 2013, and would extend the 6% health care contribution imposed on individuals to apply to interest income.
According to the proposal, the current 0.2% financial transaction tax rate would be increased to 0.3%. The rate on cash payments from a current account and on cash payments through a cash equivalent payment method would be doubled to 0.6%, and the current cap of HUF 6,000 per transaction would be abolished.
The telecoms tax rate would be increased to HUF 3 per minute for calls/text messages and the overall monthly cap per phone number would be increased from HUF 2,500 to HUF 5,000 for non-individual subscribers.
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