Hungary has raised the financial transaction tax (FTT) from 0.3% to 0.45% with the maximum tax per payment transaction increasing from HUF 10,000 to HUF 20,000.
The FTT rate on cash withdrawals has increased from 0.6% to 0.9%. The new FTT at a rate of 0.45% is capped at HUF 20,000 and will be introduced starting from 1 October, 2024.
As of 1 July 2022, Hungary has expanded its financial transaction tax to include payment services, credit and loan provisions, currency exchange, and cross-border mediated currency exchange services.
The new changes will take effect on 1 August, 2024.
