. Earth Science News .
TRADE WARS
Hungary windfall tax to hit mainly banking, energy sectors
by AFP Staff Writers
Budapest (AFP) May 26, 2022

Hungary said Thursday its new windfall tax imposed over rising prices blamed on the war in Ukraine would raise more than $2 billion and mainly target the banking and energy sectors.

The government is looking to levy revenue of 300 billion forints (760 million euros, $820 million) each from both the banking and energy sectors, Economic Development Minister Marton Nagy told a press conference.

A further 200 billion forints will be raised in total from retail chains, insurance firms, airlines, telecommunications and pharmaceutical companies, said Nagy.

"It is not the profit but the extra profit that is being taken away," he told reporters.

A tax on advertising revenues will also be introduced towards bringing in 15 billion forints of revenue, Nagy added.

The taxes -- to bring in a total of more than 800 billion forints (2 billion euros, $2.1 billion) -- are to be imposed in both 2022 and 2023, said Nagy, declining to say if they would be extended beyond that period.

Prime Minister Viktor Orban announced the windfall taxes on Wednesday, justifying them by saying that the war in neighbouring Ukraine and "sanctions policy in Brussels" had led to "rising prices".

Together with high interest rates, higher prices "are giving banks and large multinationals extra profit", he said.

That announcement came a day after Orban imposed a state of emergency, citing the threat of a humanitarian disaster and economic challenges posed by the war.

The money raised will go to two funds, one to strengthen the army and the other to fund price caps on energy and water bills, Orban said.

Companies making extra profit will thus help the Hungarian economy and contribute to the country's defence costs, his chief of staff Gergely Gulyas said on Thursday.

In another move intended to curb so-called "fuel tourism", the government also announced on Thursday that only cars with Hungarian registration plates will be able to fill up at Hungarian petrol stations, where prices have been capped since November.

"Foreign buyers are exploiting the fact that Hungary is able to maintain petrol prices at 480 forints (1.2 euros, $1.3 per litre), while they are at 700 to 900 forints elsewhere in Europe," Gulyas told the same press conference.

"Cars with foreign number plates will have to pay market prices," he said.


Related Links
Global Trade News


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


TRADE WARS
Covid tests, no snow and no Russians: A strange Davos
Davos, Switzerland (AFP) May 26, 2022
The Swiss Alpine village of Davos greeted the world's political and corporate A-listers again, but it was not business as usual. There was no snow, no Russians and fewer Chinese delegates - but plenty of rain and Ukrainians. The World Economic Forum is typically held in January under a blanket of snow. But after the 2020 event was cancelled due to the Covid pandemic, this year's WEF was postponed until the spring. - Wet streets and tests - While the streets were wet, it was easier f ... read more

Comment using your Disqus, Facebook, Google or Twitter login.



Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

TRADE WARS
Putin ready to help overcome food crisis if West lifts sanctions

'Do something now:' mourners demand action after US school shooting

Gun violence response leaves US standing a world apart

For Iraqis back from Syria, life on hold in 'rehabilitation' camp

TRADE WARS
Sunsmart streets using recycled rubber last twice as long

Is excavated soil and rock a waste? Sintering utilization says no

New light-powered catalysts could aid in manufacturing

Self-powered fabric can help correct posture in real time with the help of machine learning

TRADE WARS
Western powers sound alarm on China plan for South Pacific

China, Australia launch duelling South Pacific charm offensives

Human-made iron inputs to the Southern Ocean ten times higher than estimated

Solomon Islands confirms 'milestone' China visit

TRADE WARS
Historic Greenland ice sheet rainfall unravelled

Sea ice can control Antarctic ice sheet stability, new research finds

Major study to examine beavers' Arctic impact

Are new carbon sinks appearing in the Arctic?

TRADE WARS
Forecast of food cyber attacks

Regrow, not reuse: How restoring abandoned farms can mitigate climate change

Lab-grown meat maker Eat Just strikes deal to increase production

How fast-growing algae could enhance growth of food crops

TRADE WARS
Downpours in Brazil leave at least 34 dead

6.1-magnitude quake strikes off East Timor

Four million people hit by floods in Bangladesh: UN

Bangladesh floods recede but millions still marooned

TRADE WARS
Niger violence sparks new wave of displacement: UN

Concerns raised about Alpha Conde flight risk

Jihadists kill 30 in northeast Nigeria: sources

Niger hails military ties with Germany on Scholz visit

TRADE WARS
China's population set to shrink for first time since the great famine

Brazil's Lula slams Bolsonaro indigenous policies

Dancing in the light

Brazil Yanomami land turns 30 with little to celebrate









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.