Hungary: Stability Savings Account

Alessandro PasutHungary

Stability Savings Account

The tax base will be calculated on the basis of the number of years between deposits and withdrawals: 1 to 3 years: 200%; 3 to 4 years: 100%; 4 to 5 years: 50%; and no tax liability will arise after the fifth year.

There will be no additional payment obligation on the income obtained under this arrangement. Thus private individuals can obtain non-taxable income five years after the deposit is made. However, there is no way to reclaim the taxes already paid on the amount deposited into an SSA.

The SSA can be inherited in a tax-neutral way. The account holder can specify one or more beneficiaries. In this case, the heir will have to be treated as the account holder also in respect of the deposit.

The account-holding credit institution will issue a certificate to the private individual with specified data content on the deposit and withdrawal. Detailed regulations pertaining to the SSA will be laid down in a separate decree.

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