As previously reported, the Hungarian government issued Government Decree 100/2023 at the end of March 2023, which reduced the windfall tax on imports of Russian oil. The tax, which is based on the difference between the price of oil purchased from Russia and the international market price (Brent crude), was reduced by lowering the taxable base for determining the spread between the two oil benchmarks by USD 7.50 per barrel. In addition to the change in the taxable base for oil imports, the decree also introduced a new windfall tax on producers of petroleum products. The new tax is levied...