Bill to provide ‘last chance’ to declare foreign bank accounts
Budapest, December 12 (MTI) – The government on Monday submitted to parliament a package of amendment proposals, under which owners of bank accounts in other countries would be granted a “last chance” to declare deposits outside Hungary.
In a statement, the economy ministry said that 2017 will mark a milestone in the government’s fight against “offshore systems and international tax evaders” and warned that from next year on the tax authority would be receiving information from 70 countries concerning large amounts owned by Hungarian nationals and kept in banks of those countries.
Based on the information received, NAV will identify those who have concealed income generated in Hungary, the statement said. To avoid possible sanctions, such taxpayers will have the opportunity to declare their assets and pay a 10 percent tax before June 30 next year, according to the proposal.