Hungary To Levy Online Gaming Tax

Like many EU countries, Hungary has been suffering from slower than expected growth of late and so has been mulling a series of measures to fill a $483.5m gap in its 2011 central budget.
Consequently, in order to help tackle some of the country’s monetary difficulties, Hungary is now in the process of introducing a series of tax hikes on luxury goods to help boost its budget revenues.
Already a tax has been levied on fatty, salty and sugary foods expected to raise around €70 million a year. However, this is just one of many areas targeted by the government and as Prime Minister Viktor Orban explained:
“There will be a few taxes that we will increase, such as gambling, alcohol and cigarette. We are going to increase taxes linked with expenditures that aren’t the most important in life and we are putting a stop to all spending that doesn’t need to be done this year.”
As far as the gambling industry is concerned, Finance minister, György Matolcsy has said that that from November 1, 2011 the government plans to increase the gambling tax on venues offering slot machines, whose taxes have remained the same since September 1st, 2005.
In order to better monitor these venues’  gaming machine revenues, Matolcsy indicated that the Hungarian government are also considering introducing an electronic measuring system, which would then allow them to potentially charge venues with bigger slots revenues higher taxes..
In addition to gaming venues, György Matolcsy has also indicated the government will be introducing an online betting tax next year and yesterday said to a parliamentary committee that “the concept for taxing online gambling was being prepared.”
Hungary is hoping that over the next coming months its tax measures will thus enable it to further reduce its current public debt of 77% of GDP to 73%.
“The crisis will not defeat Hungary, Hungarians will defeat the crisis,” said Prime Minister Viktor Orban.

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