Crisis taxes scrapped in Hungary from 2013

Hungary will have the crisis taxes phased out as of 2013, a National Economy Ministry deputy state secretary confirmed earlier reports on Tuesday. The sectoral taxes are expected to generate HUF 1 billion in 2012.

Deputy state secretary at the National Economy Ministry, Péter Benõ Banai, has confirmed what the budget outlook submitted last Friday to Parliament by Economy Minister György Matolcsy already showed, namely, that the cabinet does not expect revenues from the levies imposed on retail, energy and telecommunications companies from 2013. The 'bank tax’ will remain in the system, but it will be halved.

The sectoral taxes are expected to generate HUF one billion in 2012, while the government expects zero revenues from these in 2013. The special levy on the financial sector is to bring HUF 90 billion to state coffers, just like the Széll Kálmán Plan stated, Banai added.

He also noted that amendment proposals to the 2012 budget bill will certainly be submitted, adding that an agreement has been reached on the takeover of municipal tasks by the state, but the related issues are not yet reflected in the budget. It will be the task of an amendment proposal to adjust local governments spending; the central budget earmarked HUF 100 bn for municipality subsidies.

(Source: portfolio.hu)