By Margit Feher
BUDAPEST -- Hungary's controversial tax on financial institutions has won
support from an unlikely quarter: Hungary's largest independent retail bank.
OTP, Hungary's largest lender by assets, is in favor of the tax -- which aims
to raise nearly $1 billion this year to plug a hole in the government budget
-- even though it will hurt profits.
Mr. Csanyi confirmed analysts' expectations that OTP's tax bill would be
about 31 billion forints ($143 million) to 35 billion forints. Its
first-quarter net income was 42.36 billion forints.
"OTP's view of the bank tax is a bit different from that of the Western
European parent banks" with businesses in Hungary, said Sandor Csanyi, OTP's
chief executive. "Keeping the budget-deficit goal is of prime importance
since we are the first to feel it when market confidence in the country
disappears."
But Mr. Csanyi warned the sector levy should be temporary. Otherwise banks'
ability to raise funds could be compromised.
The new tax is the cornerstone of a plan to narrow the budget gap and restore
confidence after June's market turmoil, when Hungary's politicians hinted the
deficit could be larger than expected. The tax is to stay in place next year
and perhaps in 2012, then be phased out.
Forei gn banks have called the new tax unfair, and have taken their case to
the International Monetary Fund and European Union, saying the tax would hurt
their ability to help Hungary.
"The way the bank tax is being imposed is illogical, dangerous and hard to
digest," said Andreas Treichl, CEO of Erste Group Bank AG, which operates
Hungary's fourth-largest retail bank in terms of assets.
The IMF on Saturday said the planned levy isn't sustainable. Its "design and
scale should be revisited," the IMF's mission chief to Hungary, Christoph
Rosenberg, said in an interview.
He said the tax would have an adverse impact "both on lending and
investment."
..........
BUDAPEST -- Hungary's controversial tax on financial institutions has won
support from an unlikely quarter: Hungary's largest independent retail bank.
OTP, Hungary's largest lender by assets, is in favor of the tax -- which aims
to raise nearly $1 billion this year to plug a hole in the government budget
-- even though it will hurt profits.
Mr. Csanyi confirmed analysts' expectations that OTP's tax bill would be
about 31 billion forints ($143 million) to 35 billion forints. Its
first-quarter net income was 42.36 billion forints.
"OTP's view of the bank tax is a bit different from that of the Western
European parent banks" with businesses in Hungary, said Sandor Csanyi, OTP's
chief executive. "Keeping the budget-deficit goal is of prime importance
since we are the first to feel it when market confidence in the country
disappears."
But Mr. Csanyi warned the sector levy should be temporary. Otherwise banks'
ability to raise funds could be compromised.
The new tax is the cornerstone of a plan to narrow the budget gap and restore
confidence after June's market turmoil, when Hungary's politicians hinted the
deficit could be larger than expected. The tax is to stay in place next year
and perhaps in 2012, then be phased out.
Forei gn banks have called the new tax unfair, and have taken their case to
the International Monetary Fund and European Union, saying the tax would hurt
their ability to help Hungary.
"The way the bank tax is being imposed is illogical, dangerous and hard to
digest," said Andreas Treichl, CEO of Erste Group Bank AG, which operates
Hungary's fourth-largest retail bank in terms of assets.
The IMF on Saturday said the planned levy isn't sustainable. Its "design and
scale should be revisited," the IMF's mission chief to Hungary, Christoph
Rosenberg, said in an interview.
He said the tax would have an adverse impact "both on lending and
investment."
..........
Copyright 2010 Dow Jones & Company, Inc.
В принципе идея налога на банки неплохая. Однако обратный ее эффект - уменьшение инвестпривлекательности фин.институтов а значит и самой экономики. В следствие чего опять таки снижение потенциальных налогов в бюджет. В общем, как всегда, сложно найти справедливый и эффективный баланс между повышением налогов (кому и на сколько) и урезанием затрат государства.
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