According to a recent announcement by the Hungarian government, plans are in the works to reduce the tax on banks and certain other financial institutions to 0.31% in 2016, and further reduced to 0.21% in 2017. The tax will be levied on banks' adjusted balance sheet total as of the end of 2014. Currently the tax is levied on the adjusted 2009 balance sheet total at a rate of 0.15% on the first HUF 50 billion, and a rate of 0.53% on the excess. Legislation for the change is expected to be introduced to the Hungarian Parliament in June 2015.