Decree Issued on Tax Preference Time Limit for SZÉP Card Spending

Government

Image by Krisztian Tefner / Shutterstock.com

The government has issued a decree limiting a 15% tax preference for SZÉP voucher card top-ups to one year according to the official gazette Magyar Közlöny.

The decree mandates banks to deduct 15% from SZÉP card balances that are unused after a year as a "one-time fee".

Banks are instructed to use half of the proceeds from the fee for marketing and operating costs directly related to the SZÉP card program and offer the other half to the Hungarian Tourism Association Foundation.

Economic Development Minister Márton Nagy announced the government's decision on the new limit last week.

He said that about HUF 100 billion is "just sitting" on SZÉP card balances, in spite of government efforts to encourage spending with the cards, such as eliminating restrictions on the range of services for which cardholders may pay.

ADVERTISEMENT

Avg Compulsory Vehicle Insurance Premium up 5% Figures

Avg Compulsory Vehicle Insurance Premium up 5%

MPs Approve Tax Changes Parliament

MPs Approve Tax Changes

4iG, Rheinmetall Establish IT JV Deals

4iG, Rheinmetall Establish IT JV

24th FIABCI Hungarian Prix d’Excellence Held Awards

24th FIABCI Hungarian Prix d’Excellence Held

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.