New Hungarian Government Moves on Wealth Tax, Axing Trust Breaks

The Hungarian finance ministry has been given until June 5 to draw up legislation on a new wealth tax and to consider how to terminate preferential tax treatment for Hungarian trusts.

The assignment comes from a government resolution published in the Thursday issue of the country’s official gazette.

The resolution provides no further details on the design or timing of the changes. But the election program of the now‑governing Tisza party outlines a 1% annual wealth tax on the share of assets exceeding 1 billion forint ($3.2 million).

• It also pledges to review the system ...