Hungary’s ‘Fair’ Windfall Tax Gets Cold Shoulder From Investors
- Government targets up to $2.5 billion annual revenue from levy
- Refiner Mol and OTP Bank lead losses; government yields jump
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Hungary announced a sweeping set of new taxes aimed at shoring up its bloated budget, sending the country’s stocks down by the most in nearly three months.
Budapest’s BUX stock index was the world’s worst performer on Thursday. It tumbled as much as 9.8% before closing 5.5% lower as the windfall-tax plan turned out less severe than some investors expected. Bond yields jumped but the forint advanced.