As Deputy State Secretary for Taxation and Accounting Zoltán Pankucsi told public news channel M1, earlier today the Ministry for National Economy met with representatives of the Association of Hungarian Exchange Booth Operators and the two parties agreed that the compulsory introduction of online cash registers will facilitate transparency in the sector and bolster the protection of consumers.

Zoltán Pankucsi stressed it was for the very first time that an advocacy group has voluntarily requested that the installation of online cash registers be enforced. This, he said, shows positive market feedback on scheme’s effect on supervision and transparency.  The Ministry expects that -- in this way -- extra revenues of HUF 4-5bn will be generated mainly by the financial transaction tax. The Ministry projects that online cash registers will remove a competitive disadvantage for lawfully operating enterprises.

The Deputy State Secretary called it especially important to strengthen the supervision and monitoring of the financial services sector. The introduction of online cash registers has been an effective complementary tool besides surveillance by the National Bank of Hungary.

He added that the Ministry has also weighed the option of extending the scheme to the beauty care, wellness and fitness, sports services providers as well as to taxi drivers.

(Ministry for National Economy)