Hungary Proposes New Wealth Tax
Hungary has proposed a new wealth tax targeting individuals with assets over one billion forints. The plan introduces rates ranging from one to one point five percent. Officials aim to address the ongoing budget deficit starting next year.
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Hungary proposed an annual wealth tax targeting individuals with assets exceeding 1 billion forints ($3.08 million) starting in January 2027. The tax delivers on a campaign promise from Prime Minister Peter Magyar's governing Tisza party. Tisza defeated Viktor Orban's Fidesz party in an April election, ending a 16-year rule, to tackle a budget deficit projected at 7.5% of national output this year.
