According to the daily Népszabadság the idea of the taxation of the interest profit of banks has also emerged and the provisions for liabilities and charges may not be counted as losses in the future. Tibor Draskovics, Minister of Finance announced last week that the corporation tax will have two keys instead of one from 2005. The general tax key remains 16 pc but the financial companies will have a 24 pc key. This version which burdens financial institutions and leasing companies has been acknowledged not only by the Socialists but the grudging Free Democrats as well.
In left wing circles the retreat of the Ministry of Finance has been accepted with criticism saying that the government gives up its original aim to reduce the extraprofit of the banks. The monetary council of the Central Bank will hold a session today to determine the interest rate but most analysts do not expect any change and the 11 pc interest level will remain because of the current budget deficit and because of the state budget deficit.
Translated by Péter Szentmihályi Szabó
origo.hu
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