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Hungary Adjusts Windfall Tax on Imports of Russian Gas — Orbitax Tax News & Alerts

On 29 March 2023, the Hungarian government issued a decree that will adjust a previously imposed windfall profits tax on imports of Russian gas. The government issued a decree in December 2022 increasing the windfall tax on the difference between the price paid for Russian oil and the price of North Sea Brent crude from 40% to 95%. Under the more recent decree, the government lowered the taxable base for determining the spread between the two oil benchmarks by $7.50 a barrel.