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Orban, Empowered, Orders Companies to Hand Over ‘Extra Profit’

  • Hungarian premier announces measure after state of emergency
  • Order targets banks, insurers, retailers, telecoms, airlines
Prime Minister Viktor Orban

Prime Minister Viktor Orban

Photographer: Akos Stiller/Bloomberg
Updated on

Hungarian Prime Minister Viktor Orban, who seized additional power this week with a state of emergency, said that large companies ranging from energy to airlines will have to turn over their “extra profit” to shore up the nation’s ailing budget. 

Banking, insurance, energy, large retail, telecom and airline industries -- sectors dominated by multinational firms -- will be ordered to turn over the “bulk of their extra profit” to two funds this year and next to finance utility-price subsidies and the cost of modernizing the armed forces, Orban said in a video message on Wednesday.