"Hungarian Péter sent us a message"

Despite the absence of a law, clients are already seeking ways to mitigate their wealth tax obligations, according to wealth management experts. András Kállay from Apelso Trust anticipates that the Hungarian wealth tax, born from political demand, will evolve over the next few years. He estimates that around 60 trillion HUF in assets will be subject to this tax starting in 2027. While his clients, primarily larger Hungarian SMEs, have been preparing for this possibility, many questions remain regarding the implementation details. Kállay does not expect widespread legal disputes over tax assessments, but he acknowledges potential constitutional issues within the proposed framework. Business owners are more concerned about the requirement to submit detailed asset lists to the tax authority than the tax payments themselves, which could strain their resources and impact overall economic growth.