Country Profile: Hungary
Tax to GDP ratio: 34.2%
Financial Transactions Tax (FTT): Yes – tax in place
Hungary applies a tax on banking, payment services, loans, currency exchange, postal transactions, and cross-border financial services since July 2022. As of 1 August 2024, the standard rate increased from 0.3 % to 0.45 % (capped at HUF 20,000 per transaction).
Oil & Gas Revenues:
- Total government revenue from oil & gas in 2022: $0.5 billion
- Share of oil & gas activity covered: 71.3%
Source: PBPR
These figures represents an aggregate of fossil fuel revenues collected through various fiscal instruments, including royalties, taxes, and production entitlements.
Carbon Pricing: Yes – carbon pricing instrument in place
- Instruments: National Carbon tax, Regional ETS
- Emissions covered: 0.323%, 0.38%
- Price: €36, €57.03
- Revenue: €106 million, €43,558 million
- Sectors covered: Electricity and heat, Aviation, Electricity and heat, Industry, Mining and extractives, Aviation
- Offsetting: Not permitted, Not permitted
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