Lawmakers approve tax changes
Parliament on Tuesday approved legislation affecting a number of tax changes, according to a report by state news wire MTI.
The law was approved with a vote of 124 for, 20 against, and 32 abstentions.
It doubles the annual revenue threshold for Small Business Tax (KIVA) eligibility to HUF 3 billion.
Businesses that opt for KIVA pay a flat rate on a tax base of payroll expenditures plus dividends and capital transfers. KIVA businesses are exempt from the payroll tax, training tax, and corporate tax.
The law introduces a full tax exemption for specified volumes of pálinka, the Hungarian eau de vie, distilled for private consumption, in line with a recently issued European Union directive. The exemption is in force from January 1, 2021.
It raises the excise tax on cigarettes from January 1 and again April 1, 2021 in order to comply with EU rules on the tax content of tobacco products.
Hungary CPI Drop Acknowledged at IMF/World Bank Spring Meeti...
Gov't Considering Fuel Price Intervention
Uber to Return to Hungary at Beginning of Summer
Time Out Market to Open in Budapest Next Year
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.
