June 22nd, 2012

Government says ready to legislate to prevent banks from skirting “transaction tax” by moving business abroad

Hungary may pass legislation “any time” to stop banks from evading a planned transaction tax by moving transactions abroad, Magyar Nemzet reported, citing Adam Balog, deputy state secretary at the Economy Ministry.

Details of the levy, to be introduced from 2013, may be altered and changes may include a transaction amount ceiling or different tax rates depending on the size of transactions, while some transactions may be exempt, Balog said, according to Nemzet.

  • Democrat

    Pass a law, change a law and then threaten to legislate when people react in a rational and legal way to reduce costs. This is exactly what people are talking about when they cite an unpredictable business climate. Just when will Orban realise that this is no way to run a country which needs investment?

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