May 7, 2015 / 1:15 PM / 5 years ago

Hungary's revamped advertising tax rate will be 5.3 pct

BUDAPEST, May 7 (Reuters) - Hungary’s government has finalised its proposal about an advertising tax that was a major bone of contention with European partners and media companies last year, cutting the tax significantly, a top official said on Thursday.

Prime Minister Viktor Orban’s Chief of Staff Janos Lazar told a press conference that the tax rate will be 5.3 percent, levied on annual revenue above 100 million forints ($372,000).

The Hungarian Advertising Association said in a statement on Wednesday that a single 5.3 percent tax bracket put smaller companies at a disadvantage and hurt the economy as a whole. ($1 = 269.1500 forints) (Reporting by Marton Dunai)

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