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Hungarian Banking Association protests against new windfall taxes

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BUDAPEST (Reuters) – The Hungarian government’s new windfall taxes on banks will reduce the efficiency and lending capacity of the banking sector and force banks to build extra provisions, the Hungarian Banking Association said on Friday.

“The Hungarian banking sector is opposed to… additional tax payment obligations,” it said in a statement, adding that the new taxes imposed on banks operating in Hungary also give an undue advantage to foreign players offering cross-border services.

Hungary last week announced new windfall taxes worth a total of 800 billion forints ($2.18 billion) on “extra profits” earned by banks, energy companies and other firms to plug a budget gap, hitting Budapest stocks and rattling investors.

($1 = 366.99 forints)

Hungarian Banking Association protests against new windfall taxes

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