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Hungary Mobile Operators Slam Government Telecoms Tax Bill

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05/14/2012 | 05:06pm CET

Hungary's mobile operators Monday slammed a government bill to tax operators on voice traffic, deeming it a direct successor to sectoral levies the government agreed to phase out from 2013.

As part of a fiscal overhaul program, the government has proposed several taxes, including the voice-traffic levy, in a bid to hit budget deficit goals of 2.5% of gross domestic product in 2012 and 2.2% of GDP in 2013. The government hopes the new taxes will generate 30 billion forints ($133.6 million) this year and HUF52 billion next year.

The planned voice-traffic tax is HUF2 a minute with monthly upper limits set at for HUF700 household consumers and HUF2,500 for corporate customers.

The government had said during sectoral negotiations that the tax would be imposed on consumers, whereas the cabinet's bill aims the tax at service providers, Magyar Telekom Nyrt. (MTELEKOM.BU), Telenor Hungary Zrt. and Vodafone Hungary Zrt. said in a joint statement.

The companies said the new levy doubles the tax load on service providers, referring to a sectoral crisis tax that has weighed heavily on profitability since 2010.

Magyar Telekom is owned by Deutsche Telekom AG (>> Deutsche Telekom AG), while the other two are subsidiaries of Telenor ASA (TEL.OS) and Vodafone Group PLC (>> Vodafone Group plc).

-By Marton Eder, Dow Jones Newswires; +3630-905-4679; marton.eder@dowjones.com

Stocks mentioned in the article : Deutsche Telekom AG, Vodafone Group plc, Vodafone Group plc
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Financials (€)
Sales 2016 72 200 M
EBIT 2016 8 830 M
Net income 2016 4 501 M
Debt 2016 52 510 M
Yield 2016 3,75%
P/E ratio 2016 17,77
P/E ratio 2017 17,79
EV / Sales 2016 1,75x
EV / Sales 2017 1,67x
Capitalization 73 591 M
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Number of Analysts 32
Average target price 17,2 €
Spread / Average Target 9,0%
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Timotheus Höttges Chairman-Management Board & CEO
Ulrich Lehner Chairman-Supervisory Board
Thomas Dannenfeldt Chief Financial Officer
Hubertus von Grünberg Member-Supervisory Board
Michael Sommer Member-Supervisory Board
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