Almost HUF 40bn deposited on accounts conferring tax amnesty

Budapest, January 20 (MTI) – Last year, 610 “Stability Savings Accounts” with deposits of a combined 37.9 billion forints (EUR 119m) were opened at Hungarian banks, business daily Napi Gazdasag said on Tuesday, citing data from national tax office NAV.

The average amount of a deposit was 62 million forints, the paper said.

NAV neither scrutinises the origin of the deposit nor does it 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which require a minimum deposit of 5 million forints, is benchmarked to government securities yields and may be withdrawn tax-free after five years.

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