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HATC SAMPLE EDITION:
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7th October, 2026
Magyar outlines tax on billionaires
The government has opened a public consultation on its proposed wealth tax, due to take effect on January 1, 2027, Prime Minister Péter Magyar announced on Tuesday.
He confirmed that the new levy will take the form of a 1% tax on wealth above Ft 1 billion and 1.5% on wealth above Ft 100 billion.
The tax base will include total assets, including property, investments and company holdings, as well as assets held abroad or through asset managers.
Loans will be deductible, while property and vehicle taxes will be credited against the wealth tax to limit double taxation.
The tax will be paid once a year on a self-assessment basis. The first returns, based on assets held at the end of 2026, will be due by August 31, 2027.
Only those whose per capita wealth reaches Ft 1 billion will have to file; the Tax and Customs Authority (NAV) will provide a calculator to determine the tax base.
Based on Forbes magazine’s 2026 ranking, as few as 35 or 36 Hungarians could fall into the 1.5% bracket for wealth above Ft 100 billion.
Magyar said the tax is intended to secure greater solidarity from the country’s wealthiest citizens.
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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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