The telecoms tax takes Ft 20 billion from Magyar Telekom profits and the utility line tax an additional Ft 7 billion, Kuti noted.

The EU announced last week, that it will not try to overturn Hungary’s telecoms tax.

In addition, Kuti argued, further utility rate cuts may come in the autumn, which could prompt the company to close its energy services unit.

Moreover, the share will probably drop out of the regional MSCI index in November, and will therefore be sold by many investors, he said.

Source: Hungary Around the Clock

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