Hungary is set to make about £500m in yearly profits through a tax on Russian oil “at the expense of everyone else in the EU”, a research agency has suggested.
The Hungarian government, which gained an opt-out from an EU embargo on Russian oil, recently introduced a windfall tax of 25% on the difference between Russian crude prices and world prices. A note by the research service Eurointelligence estimated this could net Budapest roughly $600m (£495m, €575m) in “hidden profit” a year, observing it was “not a bad money spinner for an economy that size”.
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