Hungary Plans Wealth Tax on Assets Worth More Than $3.1 Million

Hungary intends to introduce an annual wealth tax on assets worth more than 1 billion forints, approximately $3.1 million, beginning in 2027. Cabinet Minister Bálint Ruff said the regulation is prepared and would apply to wealth and income above the threshold, although officials have not yet disclosed the tax rate or the assets covered. Prime Minister Péter Magyar said the levy could raise between 300 billion and 600 billion forints annually. The government says the measure would broaden social responsibility and help reduce inequality.