Hungarian Minister of National Economy György Matolcsy announced that the Hungarian government approved three new taxes: the telecom tax, the financial transaction tax and the unified tax for insurance companies. The transaction tax will be implemented next January, while the telecom tax will go into effect on 1 July, 2013. The telecom tax will be paid by the telecom companies and will not be charged for less than 10 minute conversations. Retail users will pay HUF 700/month, while businesses should pay HUF 2,500. Financial institutions will have to pay the transaction tax, which will asses a 0.1% charge on bank transfers, to be paid by the banks. Crisis taxes, which were placed on profitable sectors like the bank tax will be phased out by 1 January, 2013. In the beginning of 2012, 54 taxes were in Hungary. Six will be eliminated while three new ones will be added.
