Meanwhile, Banking association protests plan to raise windfall profit tax

The Hungarian Banking Association warned that a plan to raise the windfall profit tax on lenders would weigh on the entire economy in a statement issued on Tuesday.

"Increasing the extra burden on banks would weigh on the entire Hungarian economy, slow economic growth further and hurt the country's assessment," the association said. It added that the step would give fintech companies offering cross-border services "another unjustified advantage".

The association said that the windfall profit tax, introduced in 2022, originally for a period of two years, had an unfavourable impact on the local economy and outlooks as well as for banks' earnings. It added that the base rate had stood at 18pc when the measure was rolled out, but was now at 6.5pc, eliminating the need for such a tax.

The association said lenders would pay HUF 842bn in additional taxes in 2025, including the bank levy, the windfall profit tax and the transactions duty.

Partners sign Hungarian 'Money Week' cooperation agreement

The interior and national economy ministries, the Money Compass Foundation, the Hungarian Banking Association and the Junior Achievement Hungary Foundation have signed a cooperation agreement on the implementation of 2026 PENZ7, an annual programme attached to the European Money Week initiative that seeks to foster the financial savvy of Hungarian primary and secondary school students.

The agreement was signed in the Money Museum in Budapest on Tuesday.

Next year's PENZ7 is slated for March 2-6. More than 200,000 students participate in the programme each year.
 

Source: MTI – Hungary’s national news agency since 1881. While MTI articles are usually factual, some may contain political bias, and readers should be aware that such content does not reflect the position of XpatLoop, which is neutral and independent.

Since the goal of XpatLoop is to keep readers well briefed, right across the spectrum of opinions, MTI items are shared to ensure readers are aware of all narratives within the local media.

XpatLoop believes in empowering readers to form their own views through complete and comprehensive coverage. To facilitate this XpatLoop has a balanced range of news partners, as you can see when you surf around XpatLoop.com

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