Hungary: ‘They want to get their hands on bank accounts too’

The government has announced its intention to impose a 35 per cent tax on Hungarian owned bank accounts in other countries. The accounts, which are estimated to contain between 1trn and 2trn forints (€ 3.3bn to €6.6bn), are mainly held in Switzerland, but also in Austria and Cyprus. Budapest aims to follow the example of Germany and the United Kingdom, which have negotiated tax accords with the countries concerned.