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Government proposes reduced banking tax from 1st January 2016

The government has proposed lowering the banking tax as of January 2016 from 0.31% to 0.24%, the economy ministry said.

The reduction was proposed based on informal signals from the European Commission and an agreement with the European Bank for Reconstruction and Development (EBRD), the ministry said. The tax’s lower bracket would remain the same, 0.15% up to 50 billion forints. In line with the government’s agreement with the EBRD made in February, the changes will not alter the tax wedge on the whole sector and the central budget’s revenue from the tax in 2016 will not change either. The government consulted the Hungarian Banking Association and the Directorate-General for Competition (COMP) in the course of writing the bill, the ministry said. The Hungarian Banking Association supports the proposal to reduce the banking tax and it has accepted the size of the cut for 2016, the general secretary of the association, Levente Kovács, told MTI. The reduction is necessary in terms of supporting economic growth, Kovács said.

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