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Hungary Taxes Multinational Chains, Banks to Fund Health Worker Bonus

Hungary Taxes Multinational Chains, Banks to Fund Health Worker Bonus

BUDAPEST, Hungary (AP) — The Hungarian government says it will impose new taxes on multinational retail chains and banks to boost state budget revenues needed to fight the coronavirus pandemic.

Retailers will pay about $106 million and banks about $162 million, while a vehicle tax totalling $100 million normally paid by car owners to municipalities will be transferred to the central budget.

Gergely Gulyas, Prime Minister Viktor Orban´s chief of staff, also said Saturday that political parties will lose 50 per cent of their state funding, saving the budget about $3.5 million.

Measures totaling 18-20 per cent of GDP to counter the economic effects of the pandemic will be announced early next week.

Hungary has reported a total of 678 confirmed virus cases and 32 deaths.

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