The Hungarian government in May announced a HUF 800 billion tax on “excess profits” earned by large companies.
Hungary has fined low-cost carrier Ryanair 300 million forints ($780,000) after an investigation into the airline’s transfer of the value of a special tax imposed on the industry. Reuters writes about it.
The Hungarian government in May announced a HUF 800 billion tax on “excess profits” earned by large companies. The tax is intended to close budget holes created by spending that helped prime minister Viktor Orban win re-election in April.
In this regard, Ryanair urged the government to remove the tax imposed on the rate of each passenger. The company said the tax would harm Hungarian tourism and the economy.
“Today, the consumer protection authorities found a violation of the law, because the airline deceived customers with its dishonest business practices,” Justice Minister Judit Varga said on Facebook.
Ryanair added that the low-cost carrier would be forced to shift potential growth to countries working to restore traffic after the coronavirus pandemic.
Competitor Wizz Air said it would take time for airlines to return to pre-COVID levels of revenue and profitability. And this tax will prevent the tourism sector from continuing.
It should be noted that the State Aviation Administration of Ukraine canceled the Air Operator Certificate of Bees Airline Limited Liability Company – Ukrainian airline Bees Airline.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.