Hungary Proposes Wealth Tax on Ultra-Rich Starting 2027

Hungary’s government wants people with very large fortunes to pay a yearly wealth tax.

The tax would apply to the part of a person’s wealth above 1 billion forints.

Most affected people would pay 1% on that extra amount.

People with more than 100 billion forints would pay a higher rate of 1.5% on wealth above that level.

The tax would count things such as homes, investments, businesses and assets held abroad.

Loans could be subtracted when working out the taxable amount.

The government plans to publish the proposal for public comments.

Parliament is expected to consider approving it.

Officials have not yet said how much money the tax would bring into the 2027 budget.