Hungary Changes Special Windfall Tax Rate on Petroleum Product Producers and Extends the Tax to 2027

Hungary recently published Act XXXII of 2026 in the Official Gazette, which enters into force on 18 August 2026. Act XXXII of 2026 amends the special (windfall) tax on Petroleum product producers, which is levied based on the difference between the price of oil purchased from Russia and the international market price (Brent crude) per month. In particular, the flat tax rate of 95% is replaced with a rate of 50% on the portion of the difference exceeding USD 2 per barrel but not exceeding USD…