City raises revenue threshold for local business tax exemption

Banking

Budapest City Council on Wednesday raised the revenue threshold for exemption from the local business tax from HUF 1 million to HUF 1.5 mln from January 1, 2019, Hungarian news agency MTI reported.

The motion was passed with a vote of 26 for, and one abstention.

The amendment is expected to increase the number of businesses exempt from the local business tax to more than 46,000, up from the current 27,400.

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