World Economy

Hungary to Tweak Bank Tax Law

Hungary to Tweak Bank Tax LawHungary to Tweak Bank Tax Law

Hungary’s government has decided to modify its legislation on a bank tax to address criticism from the European Commission, Economy Minister Mihaly Varga was quoted as saying by the national news agency MTI, Yahoo reported. The changes will open the way for reducing the tax next year, Varga said, speaking at a conference of young entrepreneurs. He gave no details of the proposed changes. The minister said earlier this month that the EU had raised objections concerning two aspects of the bank tax legislation related to certain tax concessions built into it, citing a possible violation of a ban on state aid.