ADVERTISEMENT

NAV to take over personal tax return procedures for 1.5 mln Hungarians

Banking

pixabay

Approximately 1.5 million Hungarians’ personal income tax returns will be completed by Hungary’s National Tax and Customs Authority (NAV) following an amendment recently passed by the Hungarian government, local daily Magyar Idők reported today.

More than 800,000 Hungarian taxpayers made errors when filing their tax return this year, while 100,000 returns were submitted after the deadline, the paper said citing Péter András Kis, the spokesperson of NAV.

Under the amendment passed by parliament on November 17, the Hungarian tax authority will take over the task of preparing the personal income tax returns of up to 3.5 million Hungarians as of 2017, the spokesperson said.

A system for qualifying taxpayers and establishing preferences for the best candidates was approved on November 17. Under the law, taxpayers who comply with all the rules and qualify as “good” will receive special treatment. This number currently stands at almost 140,000, according to an earlier report by MTI.

The law stipulates that taxpayers who have not fallen more than 3% behind in their tax payments over a six-year period, qualify as “reliable”, and those who owe more back taxes or have violated rules are considered “risky”. Risky taxpayers are subject to stricter regulations and higher fines under the law, MTI said.

ADVERTISEMENT

Fiscal, monetary policy partnership needed to rein in CPI - ... Analysis

Fiscal, monetary policy partnership needed to rein in CPI - ...

Parl't votes to phase out savings coops integration framewor... Parliament

Parl't votes to phase out savings coops integration framewor...

Roche Szolgáltató appoints P&C business partner lead Appointments

Roche Szolgáltató appoints P&C business partner lead

FAO–Food Bank convoy delivers food to those in need City

FAO–Food Bank convoy delivers food to those in need

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.