The European Commission has announced that it has found the Hungarian advertisement tax to be in breach of EU State aid rules. The tax, introduced in August 2014, is levied on advertising revenue from various media, including TV, print, online and other ad space/time. It was initially introduced with progressive rates up to 50% on advertising revenue exceeding HUF 20 billion, with certain loss offset rules limited to tax payers whose pre-tax profit in the tax period beginning in 2013 was zero or negative. In July 2015, it was amended to provide a much lower top progressive rate of 5.3%,...