The Hungarian government is introducing new special taxes on companies
The Hungarian government announced the introduction of new measures aimed at reducing the budget deficit. On Monday, Gergely Gulyás Gulyás, the Government Information Officer, announced that multinational companies that have made extra profits will have to pay a so-called “defense contribution”. These companies include banks and energy companies.
Following the announcement, the share prices of OTP and Mol showed a significant decrease. The shares of OTP fell by 1.8 percent, while the shares of Mol fell by 2.4 percent. As a result of the measures, the BUX index also entered negative territory.
The new measures are expected to generate HUF 400 billion in revenue for the government, which is 0.5 percent of GDP. In addition, other changes have been announced, such as an increase in the transaction fee and the introduction of a new “currency exchange fee”, which will put additional burdens on financial institutions and large companies.
According to experts, the new measures will have a negative impact on investor sentiment and the HUF exchange rate. According to Péter Virovácz, ING Bank’s senior analyst, it will be possible to make deeper analyzes once the exact numbers are known, but it is already clear that the measures pose serious challenges to the sectors.
Related news
Related news
A Hungarian specialist became Danone’s Eastern and Central European sales manager
From this July, Enikő Bolyós organizes and manages the company’s…
Read more >Recent research: almost half of Hungarians do not use sun protection cream, and moreover, they do not avoid the sun in the midday hours either
According to a recent, representative research, only 8 percent of…
Read more >The GVH fined Booking almost HUF 400 million with a record fine
Booking did not fully fulfill its obligations requiring the termination…
Read more >