The economy ministry said 2017 would mark a milestone in the government’s fight against “offshore systems and international tax evaders” and warned that from next year on the tax authority would be receiving information from 70 countries concerning large amounts owned by Hungarian nationals and kept in banks of those countries.

Based on the information received, NAV will identify those who have concealed income generated in Hungary, the ministry said.

To avoid possible sanctions, such taxpayers will have the opportunity to declare their assets and pay a 10% tax before June 30 next year, according to the proposal.

Republished with permission of Hungary Matters, MTI’s daily newsletter.