Hungary’s parliamentary budget committee has proposed that two tobacco tax increases slated for 2013 should be amalgamated and brought forward to this year, according to a story in the Portfolio Online Financial Journal.
However, under the proposals the level of increase would not be as high as had been previously planned.
Quoting an explanation of the amendment proposal published on the parliamentary website, Portfolio said the tax hike was necessary ‘to avoid an excessive increase in consumer prices and mitigate risks of the black market gaining a stronger foothold’.
The changes would enter into effect as of December 1, so they would generate additional revenues for this year’s budget.
Originally, the tax increases were to have been carried out in two phases: on 1 January and May 1, 2013.
Category: Breaking News