ADVERTISEMENT

Orbán announces further economic measures

Banking

Shutterstock.com

Prime Minister Viktor Orbán announced more measures to ease the economic impact of efforts to contain the coronavirus at a daily press briefing on Monday, state news wire MTI reports.

Image: Shutterstock.com.

Orbán said more than 81,000 sole proprietors and businesses registered to pay the Itemized Tax for Small Businesses (KATA) would be exempt from monthly tax payments till the end of June. The measure applies to trades such as hairdresser, cosmetician, plumber, gas-fitter, carpenter, sports trainer and home care provider, he added.

Back taxes owed by these KATA businesses will be deferred, Mr Orbán said.

Businesses that opt for KATA pay a flat monthly HUF 50,000 instead of corporate or payroll tax. The annual revenue threshold for KATA companies is HUF 12 million.

Orbán said evictions and forfeiture of property would be suspended until the end of the state of emergency.

Eligibility periods for mothers now on child leave will be extended until the end of the state of emergency, he added. 

Last Wednesday, Hungaryʼs government announced initial measures to protect the economy from the effect of the coronavirus. Among them were moratoriums on payment of principal, interest and fees on all corporate and retail loans until the end of the year.

ADVERTISEMENT

IMF raises Hungary 2021 GDP growth forecast to 7.6% Analysis

IMF raises Hungary 2021 GDP growth forecast to 7.6%

Parliament approves amendment to Competition Act Parliament

Parliament approves amendment to Competition Act

New CEO announced at Codic Hungary Appointments

New CEO announced at Codic Hungary

Budapest bike-sharing scheme boasts record ridership City

Budapest bike-sharing scheme boasts record ridership

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.