Hungary outlines wealth tax rules and optional public-benefit contribution

Hungary's finance ministry released the framework for a wealth tax that applies to persons whose net wealth surpasses a substantial level, including cash, property, business interests and trust assets. The tax rate will increase with the size of the estate, and taxpayers must report their holdings themselves. Spouses may allocate the tax between them or share it equally, while minors' assets are counted under the parent’s supervision unless they stem from personal earnings or inheritance.

The tax will also apply to foreign-held assets, respecting international agreements, and foreign owners of Hungarian property and shares will be subject to the levy. The tax authority will launch an online tool to calculate obligations and to estimate values of properties that have not been transacted recently.