He cited Prime Minister Viktor Orban's landslide reelection in April as giving the government a mandate for a stronger law.
"The Hungarian government is wrong and denigrates our work, and also suppresses the activity of civil society for political gain, using tactics that have no precedent in the history of the European Union", - said the President of the Foundation "open society" Patrick Gaspard.
Orban has accused Soros of being a part of a technique to flood Europe with migrants and of meddling in home affairs.
The latest proposed legislation on nongovernmental organizations follows the passage of a 2017 law that imposed burdensome reporting requirements on Hungarian human rights and civil society groups receiving funding from overseas.
Soros, through his Open Society Foundations initiative, has pushed for pro-immigration policies attracting the ire of Orban and his supporters.
White House declines to condemn McCain remark
John MacDonald of Lowell, a member of Veterans Assisting Veterans, said it's time to let McCain ease out of politics with dignity. But she ended her missive on a hopeful note: "That said I believe there are more good people than those who make the noise".
George Soros' Open Society Foundations operates more than 40 offices around the world. Foreign funding for activities related to migration would be subjected to a 25 percent tax.
"The Foundations will pursue all available legal avenues to defend the fundamental rights that are threatened by the legislation", OSF said in the statement, vowing to continue the organisation's work in Hungary through funding from the German capital.
The European Union has launched legal action against Hungary over its crackdown on NGOs, and education reform that could force the Soros-funded Central European University (CEU) to leave Budapest.
Soros has remarked that the Hungarian government was attempting to slander him by pushing "distortions and lies".
But after coming to power in October 2015, Poland's conservative Law and Justice (PiS) government staunchly opposed the arrangement.
"We call on the government to sign the agreement without further delay".