Hungary Approves Special Tax, Lets Companies Deduct

Hungarian lawmakers approved a special tax on the energy, telecommunication and retail industries, allowing companies to deduct the levy from their income tax.

Lawmakers voted 294 to 44 with 12 abstentions late yesterday in favor of the measure, according to the Parliament’s website. The tax, together with a previously announced bank levy, will raise 343 billion forint ($1.7 billion) annually for three years beginning in 2010.