A new tax on financial transactions has been introduced , to
take effect from 1 January 2013.
The new tax will be levied on those payment service providers
(PSPs) which have their registered seat or branch office in
Hungary. Only the National Bank of Hungary will be exempt; it will
need to pay tax only when issuing central bank securities with a
term not exceeding two weeks and accepting central bank deposits
with a maturity of between one day and two weeks.
The European Central Bank has criticised the new law, stating
that it compromises the National Bank of Hungary's functional
and institutional independence.
The tax must be paid monthly. PSPs must specify, on their
clients' account statements, the amount of tax payable on
applicable transactions.
