Hungary Raising Tax Burden on Banks in Fight Against Coronavirus

Hungarian banks will pay 55 billion Hungarian forints ($169 million) this year in a special tax on the financial sector under a government proposal to raise more money to fight coronavirus impacts.

• The special tax amounts to 0.15% of total assets up to 50 billion forint and 0.2% of assets exceeding that amount.
• Under the government proposal, which has yet to be formalized in a government decree, an additional 0.19% will be charged this year on total assets exceeding 50 billion forint.
• According to the Ministry of Finance, the additional tax payments are to ...