On 12 March 2015, the European Commission announced in a press release the formal launch of an in-depth investigation into whether Hungary's Advertising Tax complies with the EU state aid rules. The tax, which has applied from August 2014, is levied on advertising income from various media, including TV, print, online and other ad space/time. The rates are progressive, with an exemption on revenue up to HUF 500 million and a top rate of 50% on revenue exceeding HUF 20 billion. The Hungarian government is already considering a reduction in the tax following pressure from major media groups and the...