The Hungarian government has recently submitted draft legislation to parliament to cut the bank tax rate as approved in the 2016 Budget. The bank tax rate on the adjusted balance sheet total exceeding HUF 50 billion will be reduced from 0.53% to 0.31% in 2016 and further reduced to 0.21% in 2017. The amount under HUF 50 billion will remain subject to the 0.15% rate. The legislation also include…