Hungary will order large, mainly multinational, corporations to hand over “extra profits”
Samizdat | May 25, 2022
Hungary intends to fund the military and social safety programs by taxing banks, insurance companies, airlines, energy and telecom utilities and others, Prime Minister Viktor Orban announced on Wednesday.
It is his first action under a state of emergency that Budapest has just enacted, citing the conflict in neighboring Ukraine.
“We ask and we expect that those who made extra profit in this time of war help the people and contribute to the national defense budget,” Orban said in a video posted on Facebook.
In a follow-up post, Orban said that a “drastic increase in prices” was due to the ongoing conflict and the “sanctions policy in Brussels,” while “banks and large multinational companies” are reaping extra profits thanks to rising interest rates.
To fund the military and social safety networks, the Hungarian government has set up two funds, and will “require banks, insurers, major trade chains, energy and retail companies, telecommunications companies and airlines to deposit a large portion of their extra profits” there.
This regime will be in effect for the rest of 2022 and 2023, Orban added.
Budapest announced the state of emergency on Tuesday, just hours after Orban’s new cabinet was sworn in. The Hungarian parliament quickly approved a constitutional amendment allowing emergencies to be declared in case of war in a neighboring country – in this case, Ukraine.
Orban’s extra-profit tax affects mainly multinational companies. According to Bloomberg News, it will help shore up Budapest’s budget due to a de facto EU embargo. Brussels had imposed a funding freeze against Orban’s government following his landslide victory in last month’s election, citing “rule of law concerns.”
The funding freeze regulations were adopted by the EU administration in order to pressure the governments in Hungary and Poland to follow the policies of Brussels when it came to immigration, judiciary, LGBT issues and other matters in which Budapest and Warsaw have dissented.
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Noted. I’m not smart enough or conversant enough about Europe’s affairs to wrap my arms around this and its implications and effects, but Hungary/Orban seem to me to be talking some sense, in lieu of nonsense, these days….
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There are many politicians that harbour contradictory opinions, like Orban who makes smart comments from time to time but who is also a staunch supporter of Israel. Someday they will have to bend, and it is very hard to predict what turn they are going to make.
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Thanks! I’ll keep trying (until I die) to get into and understand the minds and actions of men (and women) of “power” who seem driven by different agendas from those agendas to which I subscribe….
I do not-not-not like that “…Orban…is …a staunch supporter of Israel.” Shame on him.
Viva Palestine! Viva Russia! Viva humanity! (as I define and adhere to “humanity” — the mass of whom [thanks, HDThoreau] ‘lead lives of quiet desperation’ quite beyond their control or liking).
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A National Leader of a European country, advocating taxing Multi-National Corporations? I don’t like this guy’s chance of having a long and successful career. Good luck to him, but, I fear he will possibly, ‘die in a nasty accident’ some time soon……
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Hmmm, tax multinational companies that are reaping (raping) extra profits based on war? That should come to a country near us, soon. Imagine if Lockheed-Martin and their ilk were taxed to about 99% of their profits (with a very close eye on their “expense” write-offs!) due to wartime expenses. And their upper management who are raking in millions and millions each year in “salaries” being taxed at the same rate. Taking away their motivation to bribe our Congress into maintaining these endless, needless wars would probably drive the world to the brink of peace within days.
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Excellent comment. Re MIC “upper management,” I’d like to know how many of same are retired generals, admirals, colonels et al…. Double-dipping at the beleaguered taxpayers’ expense, anyone?
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