UPDATE 1-Hungary's planned new tax to hit energy players

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BUDAPEST, Sept 22 (Reuters) - A new "Robin Hood" energy tax Hungary plans to launch from 2009 for two years applies to oil and gas producers, traders and electricity and gas distributors, the text of the bill published on Monday showed.

The companies affected by the 8 percent extra tax on profits will include oil group MOL MOLB.BU and subsidiaries of Germany's E.ON (EONGn.DE) and RWE (RWEG.DE) according to the definitions in the legislation published on the finance ministry's website.

Analysts said the planned new energy tax would not only erode the profits of the affected companies, including the country's biggest revenue earner MOL, but would also send a bad message to foreign investors planning to invest in Hungary.

"Companies have not reckoned with this tax. It significantly increases the investment risk of the country ... and poses a threat to future energy industry investment projects," said Tamas Pletser, analyst at ING Bank.

Hungary, where the tax take is among the highest in Europe, hinges partly on foreign direct capital flows to finance its deficits and rising wage costs and taxes have eroded the country's appeal to foreign investors in the past few years.

The government expects budget revenues of 30 billion Hungarian forints ($182.8 million) from the new tax, if it is passed by parliament later this autumn.

The proceeds would go to low-income households as compensation payments to offset rising district heating costs.

Hungary's main right-of-centre opposition party Fidesz slammed the government's proposal for the new tax, saying it should cut the value added tax rate on district heating charges instead of hiking taxes.

The tax bills will have to be backed by a majority of MPs in Hungary's 386-seat parliament and the Socialists, who rule in a minority, face a hard struggle to gather the necessary support for the legislation.

Their former coalition allies the liberal Free Democrats said they opposed the planned new tax.

MOL declined comment, but ING's Pletser said that based on his calculations, the company would have to pay about 25 billion forints more taxes over the next two years if the new tax gets implemented.

Most of Hungary's annual gas consumption is covered from imports, primarily from Russia, which have surged as a result of a sharp rise in global energy prices. This has resulted in a series of gas price hikes for households this year, making gas prices a sensitive political issue in Hungary.

(Reporting by Sandor Peto and Krisztina Than; Editing by Jon Loades-Carter)