June 29th, 2012
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Proposal submitted to leave accident tax in place for mandatory vehicle insurance

The Parliament’s budget committee would make mandatory vehicle insurance exempt from a new 30pc insurance tax but keep the the 30pc accident tax valid for them, according to an amendment submitted to Parliament on Thursday.

The committee explains that insurers have already developed the IT framework for accident tax, and a replacing it would have more disadvantages than assets.

The amendment also proposes to make counter insurance and agricultural insurance from the insurance tax. The state offers support for the latter, as it wants to encourage farmers to increase agricultural insurance as a means of self-support. Counter insurance should be removed because the original insurer had already paid the tax for it.

Next year’s budget bill earmarks to raise HUF 52.5bn from the insurance tax which would replaces earlier taxes on insurers. The government will phase out the extraordinary bank levy for insurers next year.

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