The Hungarian Parliament passed legislation in late June 2013. The legislation is planned to increase the tax collections and other supports so that the government could meet its target for a balanced national budget.
According to the legislation a tax rate of 0.6% will be imposed on financial transactions. Transfers between accounts will be taxed at 0.3% but the current cap of HUF 6,000 is to be abolished. The mining tax rate on natural gas and oil derived from hydrocarbon fields put into use prior to 2008 will be increased from 12% to 16%. In addition to the individual income tax rate of 16%, a health care levy of 6% will be imposed on interest income Achieved after 1 August 2013.
The changes are scheduled to become effective from 1 August 2013.
