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Ministry publishes draft of advertisement tax

Banking

The government plans to levy a progressive tax on revenue from advertisement according to a draft bill published by the National Economy Ministry on its website on Friday. The government will decide on the final version of the bill at its next meeting, the ministry said. The tax will be zero up to annual net advertisement revenue of HUF 1 million, will be 1% on the part between HUF 1 million to HUF 5 milion, 10% on the part of net revenue between HUF 5 million and 10 billion and will be 20% on revenue in excess of HUF 10 billion under the proposal. The tax would be levied on the person or entity publishing the advertisement, including foreign entities or persons on their advertisement activities carried out in Hungary through a branch. Political ads and public service advertisements/announcements will be exempt from the tax, according to the draft. A tax advance will be paid in two equal installments by July 20 and October 20 based on the previous tax year, and the payment should be supplemented based on expected revenue by the end of the tax year.

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