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SMEs pay less corporate tax because of preferential rate

Banking

The introduction mid-year in 2010 of a preferential 10% corporate tax rate for SMEs caused corporate tax revenue from these companies to fall HUF 51.2 billion in the second half, National Tax and Excise Tax Office (NAV) deputy head Arpad Varga said at a press conference on Tuesday.

The preferential tax rate applies to companies whose tax base does not exceed HUF 500m. Other companies pay a 16% tax rate.

Overall, corporate tax revenue was down HUF 62 billion in 2010 from the previous year.

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