Hungary to phase out telco tax

08.52 Europe/London, October 18, 2011 By Chris Dziadul

Hungary is set to scrap a controversial telco ‘crisis’ tax imposed in October last year in 2013.
Portfolio reports that revenue forecasts submitted to the 2012 budget bill by the county’s economy minister György Matolcsy show that the government does not plan to receive revenues from a number of crisis taxes, with the exception of one on banks, from next year.
The telco tax, which was designed to bring in some HUF60 billion (€203.9 million) a year, was declared illegal last month by the European Commission.