Hungary: Single account to confuse social insurance funds

Banking

The government might have to give up their program aiming at the decrease of tax administration.

Not only have companies rejected the idea of merging small taxes, but administration experts have deduced that if companies paid all social insurance fees to a single account, the pension insurance and health care insurance funds would not be able to manage bookkeeping, creating an annual report and having it audited. Though this proposal can be found in the tax bill put before to the parliament, the Finance Ministry is rumored to be considering withdrawing it.

The 2006 budget of the pension insurance fund was audited with an escape clause because only the total income was justifiable. Additionally, the Hungarian State Treasury (MÁK) can produce no declaration on the incomes of the approximately 800,000 public servants that tax authority APEH can process. As to APEH, the authority tends to send bad or no information on the salary of up to 25% of its employees. Even if companies could pay all fees on one account, they would have to maintain and declare them separately so their administration burdens would weigh roughly the same. (Napi Gazdaság)

Farmgate Prices Fall 25.4% in February Crops

Farmgate Prices Fall 25.4% in February

Hungary in Talks on Attracting More Chinese Investments - Sz... Int’l Relations

Hungary in Talks on Attracting More Chinese Investments - Sz...

Close to 2,500 Companies Apply for EV Subsidies Automotive

Close to 2,500 Companies Apply for EV Subsidies

Olympic Fest of Street Sports in Budapest Coming This June In Budapest

Olympic Fest of Street Sports in Budapest Coming This June

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.