Parliament Approves Bank Levy

Late on July 22, parliament approved a three-year bank levy which is to generate budget revenues of HUF 200 billion in 2010, including some HUF 13 billion in revenue from extraordinary bank taxes already in place.

Banks are to pay 0.45pct of total assets, minus interbank deposits and loans.
Savings cooperatives are to pay 0.15pct of total assets up to HUF 50 billion, and 0.5pct over that amount.
Insurance companies are to pay 6.2pct of revenue from premiums, excluding that from re-insurance. An amendment to the package of legislation that would have made insurance companies established after June 1, 2007 exempt from the tax, was annulled at the last minute.

News Monitoring