April 5, 2012 / 5:57 AM / in 6 years

Hungary plans financial transaction tax -minister

BUDAPEST, April 5 (Reuters) - Hungary’s government plans to introduce a financial transaction tax, Economy Minister Gyorgy Matolcsy wrote in a column in weekly Heti Valasz published on Thursday.

“There is no transaction tax in the financial system, while we shift the balance of taxation towards turnover and consumption, we must introduce a financial transaction tax,” the minister wrote.

Matolcsy, the architect of a string of unorthodox economic policies that included Europe’s highest bank tax and a foreign currency mortgage relief scheme that has inflicted heavy losses on banks, did not elaborate on the timing or size of the tax.

The minister also said he would prefer to have five different sales tax rates, at 5, 15, 20 and 25 percent, and with a top rate of 30 percent raised from the current 27 percent, which is already the highest in the European Union.

However, he added that the EU does not allow this for now. (Reporting by Gergely Szakacs; Editing by John Stonestreet)

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