Government submits tax laws to parliament

Budapest, May 11 (MTI) – The Economy Ministry submitted draft laws seeking to introduce new taxes – to be levied on financial transactions, telecommunications services, and insurance policies – under the revised version of the Szell Kalman Plan on Friday afternoon.

According to the draft, published on parliament’s website, a 0.1 percent tax will be levied on financial transactions including bank transfers, cash payments and withdrawals, as well as on cashing cheques.


Transfers between bank accounts of the same private individual shall be exempted from the new tax.


The law will not be applied to transactions by the central bank, cash flow transactions of the treasury, or interbank transactions.


The new tax will be payable by the financial service provider each month starting on January 1 next year.


As of July 1, 2012, telecommunications companies will be required to pay two forints per minute after the first 10 minutes of each call, as well as two forints per each text message.


The bill, if passed into law by parliament, will also stipulate that the telecommunications tax cannot be higher than 700 forints (EUR 2,42) a month for private individuals and 2,500 forints for companies.


The insurance tax will replace three types of sectoral crisis taxes including a special tax on banks. The tax will be levied on vehicle insurances (15 percent and 30 percent) and on property and casualty insurances (10 percent). Life and health insurances will be exempted from the new tax.

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