Number of KIVA businesses to rise over 50,000
The number of Hungarian businesses who have opted to pay the Small Business Tax (KIVA) will rise over 50,000 this year, based on applications filed by the end of 2019, state secretary for tax affairs Norbert Izer told state news wire MTI.
That number is up sharply from 6,500 five years earlier, Izer said.
Businesses that opt for KIVA pay a 12% rate - lowered from 13% last year - on a tax base of payroll expenditures plus dividends and capital transfers. KIVA businesses are exempt from the payroll tax, training tax, and corporate tax.
Budget revenue booked from KIVA last year now stands at HUF 70.5 billion, up from HUF 41.7 bln in 2018, Izer said.
More than 10,000 applications to switch over to KIVA were submitted last year. The phase-out of the Simplified Business Tax (EVA), as well as the reduced KIVA rate, may have contributed to the increase.
Richter Shareholders Approve HUF 423/Share Dividend
Liz & Chain Rooftop Bar Debuts Sustainable Cocktails
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.
