Government breaks promise made in agreement with new tax

The financial transaction tax announced by the national economy minister is contrary to the agreement concluded last December between the government and the Banking Association, the Banking Association told MTI.

The statement notes that the government made a commitment in the agreement last December that the extent and the base of the special bank levy will remain unchanged in 2012 compared to the effective regulation, decreasing by 50% in 2013 and only a bank levy complying with that adopted by the European Union would be imposed or one not exceeding the average rate of the bank levies applied by European Union member states in 2014.

This is why the freshly announced financial transaction tax, which appears as extra expenditure at financial institutions, is contrary to the promise made in the agreement, the statement adds.