OKSZ: Planned windfall tax narrows room for manoeuvre for businesses

At its 27 May 2022 meeting, the National Trade Association (OKSZ) analysed the possible consequences of the government’s planned extra profit tax in the retail sector. OKSZ came to the conclusion that the windfall tax would put major extra burden on the shoulders of retailers.

During the COVID-19 pandemic, the retail sector had to pay a “crisis tax” and this hasn’t been abolished yet either. This year’s retail tax will amount to approximately HUF 80bn, and it is also up to the retail sector to pay for the costs of the food price cap: experts say this sum amounted to HUF 25-30bn for retailers in the February-June period. The government’s plan is to tax the extra profits of retailers for a sum of HUF 60bn. This means that in the first half of 2022 retailers must contribute to the Hungary’s budget with HUF 200bn. //