July 7, 2014 / 6:16 AM / 3 years ago

Hungary may rethink but not scrap bank tax -minister

BUDAPEST, July 7 (Reuters) - Hungary may revise its bank tax as new measures to unwind foreign currency loans could be costly for lenders, but it will not scrap the tax altogether, Economy Minister Mihaly Varga said on Monday.

“I do not exclude that a revision or rethinking of the bank tax could happen since banks will take on a heavy burden to compensate clients, but the time for that is not now.”

The European Union has said Budapest should phase out sectoral taxes, including the bank tax, but Varga said the government was not likely heed that because the taxes were an integral part of the country’s stabilisation efforts. (Reporting by Marton Dunai, editing by John Stonestreet)

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