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8th January, 2020

Banks call for end to transaction tax

The Bank Association yesterday called for the abolition of the transaction tax before the new instant payment system becomes operative on March 2.

The banking sector has invested tens of billions of forints in building the new system.

The Association points out that a basic feature of the new financial era is the existence of flat-rate products which offer a very large number of free transactions.

It adds that the tax system should not hinder innovation.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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