29 million euros of offshore money salvaged

Approximately 2,550,000 euros were legalized in Hungary this year between January and April, states András Tállai in the Parliament. It was a response to national secretary of Ministry of National Economy Márta Demeter’s question about how much was the income due to the regulations that were introduced in January. According to MNO.hu, the national secretary highlighted that, according to the new tax amnesty rules, the tax on the sums transferred to Hungary from abroad is 10 percent, so about 2,836,000 euros flowed into National Tax and Customs’ account.

The point of tax amnesty – or, as it is officially called, the opportunity of paying taxes afterwards – is that any individual may legalize their fortune gained until 30th June in 2016 among favorable financial conditions. This served the purpose of getting back the sums received in tax paradises. The measure of the preferential tax is ten percent, to which a rather favorably low central bank basic interest is added.

Tax expert Attila Michnai stated earlier that the National Tax and Customs Office is trying to gain the favor of a narrow layer, who do have an extremely good financial situation. He said that founding offshore companies and managing such bank accounts is not the feature of small-time tax dodgers. It is also exceedingly unjust towards the honest tax payers that these offshore magicians might get away with this wile only paying a ten percent rate tax and some ridiculous self-checking supplements instead of paying 15 percent of personal income tax and 27 percent of healthcare contribution.