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There will be no 9 pc ad tax in 2018, says governing Fidesz

There will be no 9 pc ad tax in 2018, says governing Fidesz

Budapest (MTI) – There will not be a 9 percent ad tax in 2018, Lajos Kósa, parliamentary group leader of the governing Fidesz, said at a press conference on Tuesday.

Economy Minister Mihály Varga on March 28 submitted an amendment proposing to raise the tax on advertising to 9 percent from 5.3 percent from June 2017 for taxpayers with revenue exceeding 100 million forints (EUR 320,000).

Answering a question, Kósa also said that “we would like to cut the advertisement tax”.

Fidesz asked parliament to wait with the discussion of the bill from the agenda because the Fidesz MPs saw the need to work on the proposal and check whether it is in line with the stand taken by the European Commission (EC) on the tax, Kósa said.

 

If the bill is re-submitted by April 26 it could be passed by the middle of June, Kósa said.

Hungary introduced the progressive tax, with rates ranging from 0 percent to 50 percent, in June 2014. The EC launched an in-depth investigation into the matter in March 2015 and asked Hungary to suspend the application of the tax. The Commission in a resolution dated November 4, 2016 found the tax incompatible with European Union rules and ordered Hungary to recover taxes from companies that enjoyed an unfair advantage. The government has appealed the decision and turned to the European Court of Justice to seek legal remedy.

Source: MTI

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