HUF 7bn deposited on accounts conferring tax amnesty

Budapest, April 24 (MTI) – In the first quarter of this year, 98 new “Stability Savings Accounts” with deposits of 7.1 billion forints (EUR 23.7m) were opened at Hungarian banks, daily Magyar Nemzet said on Friday, citing data from the National Tax and Customs Office (NAV).

The origin of deposits made on the accounts are not scrutinised by the tax authority, nor does NAV require banks to report the names of account holders.

The deposit rate on the accounts, which require a minimum deposit of 5 million forints, is benchmarked to government securities yields and may be withdrawn tax-free after five years.

Last year, 610 such accounts were opened with deposits of a combined 37.9 billion forints.

Source: http://mtva.hu/hu/hungary-matters