The government introducing a tax on extra profits. The tax will target banks, insurance companies, energy and trading companies, telecommunications and airlines. These measures are limited in time and relate to the years 2022 and 2023.
In the energy sector, HUF 300 billion (EUR 760 million) are expexted, most of which are to be raised by the MOL Group. The government expects a revenue of retail HUF 60 billion (EUR 152 million), insurance HUF 50 billion (EUR 127 million), telecommunications HUF 40 billion (EUR 101 million), airlines HUF 30 billion (EUR 76 million) and the pharmaceutical industry HUF 20 billion (EUR 50 million). A new advertising tax in 2023 should bring around HUF 15 billion (EUR 38 million) in special income.
The banking sector will not only be deprived of its excess profits, the so-called transaction fee will also be expanded. Accordingly, the sector is expected to pay in additional approximately HUF 250+50 billion (EUR 633+126 million) in both 2022 and 2023. The transaction fee will be changed in two ways. The maximum amount will be raised from HUF 6,000 (EUR 15) to HUF 10,000 (EUR 25) per transaction. It is also extended to all securities transactions, whether private or institutional, for both purchases and sales. Only transactions by the Hungarian Treasury and the Hungarian Post Office are exempt.
In the retail sector, the existing tax rates for companies with sales of HUF 30 billion (EUR 76 million) or more have been increased from 0.4% to 1% and for retail chains with annual sales of HUF 100 billion (EUR 253 million) have been increased from 2.7% to 4.1%.
In addition, the government lifted fuel price caps for foreign vehicle owners. Only vehicles with Hungarian license plates are allowed to refuel at the reduced official price per liter of HUF 480 (EUR 1.21). The price freeze for petrol and diesel fuel (excluding premium fuels), originally introduced in mid-November, has already been extended twice and will remain in place until July 1.