Hungary Seeks to Prevent Transaction-Tax Evasion, Nemzet Reports

Hungary may pass legislation “any time” to stop banks from evading a planned transaction tax by moving transactions abroad, Magyar Nemzet reported, citing Adam Balog, deputy state secretary at the Economy Ministry.

Details of the levy, to be introduced from 2013, may be altered and changes may include a transaction amount ceiling or different tax rates depending on the size of transactions, while some transactions may be exempt, Balog said, according to Nemzet.

Hungary is seeking 280 billion forint ($1.2 billion) in budget revenue from the tax in 2013 and 320 billion in 2014, Balog told the Budapest-based newspaper.

To contact the reporter on this story: Edith Balazs in Budapest at ebalazs1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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