Hungary Accident Tax on insurance from 2012

1 December 2011 update

Hungary will introduce an "Accident Tax" on compulsory motor liability insurance policies from 1 January 2012. The tax will be charged at 30% on the premium with a cap of HUF 83 per vehicle per day. It is payable by the insured to the insurer who will settle it with the authorities.

The tax is expected to bring in around HUF 27billion for the treasury.  This in addition to existing Hungarian insurance premium taxes.

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