Hungary to Phase Out Windfall Taxes on Telecom and Pharma Firms by 2025

Hungary's economy minister announced that the government will phase out windfall taxes on telecommunication and pharmaceutical companies starting in 2025. These taxes were initially imposed in 2022 to address budget deficits. The policy shift aims to stabilize the business environment in these sectors.

Hungary's government will phase out windfall taxes on telecommunication and pharmaceutical companies beginning in 2025, according to an announcement by its economy minister on Wednesday. Local media sources reported the changes.

The government initially imposed these windfall taxes on drug producers and telecommunication companies in 2022. The move was part of an effort to address budget shortfalls.

Experts suggest that phasing out these taxes aims to stabilize the business environment and attract further investment in these sectors.

(With inputs from agencies.)