BUDAPEST, Oct. 6 -- Hungarian Prime Minister Peter Magyar announced Tuesday that the government plans to introduce a wealth tax from Jan. 1, 2027.

The tax will be 1 percent on wealth exceeding 1 billion Hungarian forints (3.1 million U.S. dollars) and 1.5 percent on wealth exceeding 100 billion forints (310 million dollars), Magyar said in a Facebook video.

It will cover property, investments and company stakes, including assets held abroad or through asset-management structures, he added. Debts will be deductible from the tax base, while property and vehicle taxes can be credited against the liability.

The first annual self-assessed payment will be due by Aug. 31, 2027, based on assets held at the end of 2026, Magyar said.

The propos...