Hungary Seeks Information on Taxpayers’ Foreign Accounts

Hungary Seeks Information on Taxpayers’ Foreign Accounts

The Hungarian government has announced of plans to get comprehensive information about undeclared offshore accounts of Hungarian taxpayers in order to levy a retroactive 35% tax on the assets kept in foreign banks.

János Lázár, the head of the Prime Minister's office, announced that Hungary has already made contact with Swiss authorities to form the relevant agreement by January 2015. According to Hungarian analysts, the estimated amount of undeclared Hungarian assets currently kept in Swiss banks is around HUF 700 bln (USD 3 bln). It is expected that about HUF 100 bln will be transferred back to Hungary.

According to the Ministry of National Economy, the total Hungarian income kept offshore is about HUF 1 trillion, although the ministry also thinks it may be twice that amount. The government is planning to start similar negotiations with other banking centers, such as Liechtenstein and Cyprus. The government is also considering measures aimed at stopping the outflow of capital from Hungary.

Let us recall that a two-year tax amnesty in Hungary ended on January 01, 2013. Last year approximately HUF 67 bln was transferred back to Hungary under that amnesty program. Those asses were taxed at 10% and brought HUF 6.7 bln of extra revenue to the state budget. Now the Prime Minister's Office and the Ministry of Foreign Affairs intend to recover HUF 1 trillion revenue.

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