Hungarian KDNP leader claims wealth tax will hit SME owners

Bence Rétvári, the parliamentary group leader for the Christian Democratic People's Party (KDNP), has criticized the planned introduction of a wealth tax in Hungary, arguing it will disproportionately affect owners of domestic small and medium-sized enterprises (SMEs).

Rétvári stated that while the government claims the tax will primarily target the wealthiest individuals, it will actually penalize Hungarian family businesses. He noted that companies built over decades can easily exceed a valuation of one billion forints, triggering the tax. He contrasted this with foreign multinational owners who remain unaffected, suggesting the tax punishes the middle class and those who provide local employment.

Separately, Péter Magyar announced that the wealth tax will be implemented under stricter conditions than previously planned, starting January 1, 2027. He indicated that for assets exceeding 500 billion forints, the tax rate might be higher than one percent.