Leasing in Hungary

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Leasing in Hungary

General growth in business, etc.

HUNGARY

New leasing business 1996: US$ 0,6 bn (+70%), Leasing rate: 10 %.

Economic data for the first half of 1997 were as follows: inflation 18,6 %, unemployment 9,8 % and GDP growth of 3 %.

In the legal framework there have been some new regulations for banks and companies. While a tax on certain high dividends would be rejected, local taxation has been shifted to be more in line with European tax systems. For corporation tax there is currently the threat that the depreciation rules might be changed. Furthermore, a new law on road transport introduced a car passport (ownership document) which is required for all cars by the year 2000. A governmental decree dealing with the separation of assets in bankruptcy proceedings, ruled that leased assets have to be separated.

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