FinMin: Hungary’s tax system “average” in complexity
During the past two years the rules of reports and returns have been considerably simplified for all tax types, and the government aims to go on with simplification, said Finance Minister János Veres.
The complexity of the Hungarian tax system is “average” and companies bear an average amount of administrative burden, he said, citing data from reports by the World Bank and the consultancy PricewaterhouseCoopers International Ltd (PWC). In the first week of July the government reviewed the results of the simplification enacted so far, and found that over 90% of the companies benefited from the changes in accounting and taxation rules. Last January e-disclosures were made compulsory for all employers, with income taxes, electronic submissions were rewarded by an earlier reimbursement, said Veres.
There were 100,000 more individuals than last year choosing online administration, and the tax authority APEH’s program for filling in and checking the forms was used by 300,000 more people, he added. VAT rules also became simpler, and the data content of VAT-invoices decreased. As to accounting, Veres mentioned that over 20,000 companies became exempt from auditing obligations, because the pertaining net revenue limit was raised from Ft 50 million to Ft 100 million. (Gazdasági Rádió)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.