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Hungary to Exempt Central Bank From Transaction Tax, Nemzet Says

Aug. 7 (Bloomberg) -- Hungary’s government is working on amending the 2013 budget to exempt the central bank from a financial-transaction tax that has sparked international criticism, Magyar Nemzet newspaper said, without saying how it obtained the information.

Under the changes, which may be completed by the end of next week, the Cabinet will implement spending cuts to replace an estimated 120 billion forint ($539 million) in tax revenue, according to Nemzet.

The Economy Ministry didn’t confirm that the government was planning to exempt the Magyar Nemzeti Bank from paying the levy, the newspaper said.

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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