Gov’t submits bill to tax companies' extra stock of cash
A cabinet meeting on Tuesday approved a proposal that would tax businesses' stock of cash minus payouts in order to prevent companies from hiding their profits in assets.
The proposed legislation, to come into force on January 1, 2007, would levy a 20% tax on double the amount of companies' average end-of-day stock of cash minus net cash payouts, the bill published on the website of Parliament shows. Companies would have to pay the tax 45 days after the end of the tax year.
The proposal was one of 14 approved by the cabinet meeting.
ADVERTISEMENT
Technical Recession Ends, KSH Confirms
India's G20 Presidency, Dawn of New Multilateralism - Narend...
Production Resumes at Ganz's Szolnok Plant
TikTok Commits to Improved Consumer Communication in Hungary
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.
