The Hungarian Banking Association warned that a plan by the government to raise the windfall profit tax on lenders would weigh on the entire economy in a statement issued on Tuesday, MTI reports.
"Increasing the extra burden on banks would weigh on the entire Hungarian economy, slow economic growth further and hurt the country's assessment," the association said. It added that the step would give fintech companies offering cross-border services "another unjustified advantage."
The association said that the windfall profit tax, introduced in 2022, originally for a period of two years, had an unfavourable impact on the local economy and outlooks as well as for banks' earnings. It added that the base rate had stood at 18% when the measure was rolled out, but was now at 6.5%, eliminating the need for such a tax.
The association said lenders would pay HUF 842 billion in additional taxes in 2025, including the bank levy, the windfall profit tax and the transactions duty.
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