Hungarian Prime Minister Peter Magyar announced Tuesday that the government plans to introduce a wealth tax from Jan. 1, 2027.
The tax will be 1 percent on wealth exceeding 1 billion Hungarian forints (3.1 million U.S. dollars) and 1.5 percent on wealth exceeding 100 billion forints (310 million dollars), Magyar said in a Facebook video.
It will cover property, investments and company stakes, including assets held abroad or through asset-management structures, he added. Debts will be deductible from the tax base, while property and vehicle taxes can be credited against the liability.
The first annual self-assessed payment will be due by Aug. 31, 2027, based on assets held at the end of 2026, Magyar said.
The proposed measure will undergo broad public consultation before being adopted.