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Report: Hungary to cut bank taxes in 2017, says economy minister

Hungary's economy minister, Mihaly Varga, said thegovernment would cutbanks' taxes by 20 billion Hungarian forints in 2017, Reuters reported May 4.

According to a draft tax bill seen by the newswire, thespecial tax on banks will apply to the lenders' balance sheet total of twoyears before the tax year, rather than their 2009 balance sheet total. The taxrate will be 0.15% for up to 50 billion forints of the tax base, and 0.21% on anythingmore than that.

As of May 3, US$1 was equivalentto 271.5 Hungarian forints.