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Hungary: opening of a safe by the tax authorities


01/10/2012

NAV, the Hungarian tax authority, recently carried out an almost unheard of procedure against a Hungarian pensioner, who was a member and the managing director of several companies. During the period under investigation, the individual purchased real estate and a car. He renovated the property and also took out a high value life insurance policy. When the tax authority initiated an investigation into his finances and the fact that he had made loans of more than 150 million forints (700 000 US dollars) to his companies, he was unable to prove the source of the funds. The taxman also requested information from the banks concerning the man’s accounts. Based on the report from one of the banks, they found a safe rented in the man’s name, in which they found 400 000 euros and 20 000 000 forints in cash, which cover the 100 000 000 forints in missing taxes and a significant part of the 70 000 000 forint fine.

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