Lawmakers extend SZÉP card preferences till June 2021

Parliament

Shutterstock.com

Parliament on Monday voted to extend tax preferences for top-ups of the SZÉP voucher card that aim to support the countryʼs hard-hit tourism industry, state news wire MTI reports.

Image by Shutterstock.com

The legislation was approved in an expedited procedure with a vote of 117 for, 23 against, and 19 abstentions.

As part of economic stimulus in the spring, SZÉP card top-ups from employers were exempted from the payroll tax - which now stands at 15.5% - although cardholders must still pay the 15% personal income tax on their balances. The annual top-up thresholds were also raised: from HUF 225,000 to HUF 400,000 for spending on commercial accommodations, from HUF 150,000 to HUF 265,000 for spending on catering, and from HUF 75,000 to HUF 135,000 for spending on recreation.

The measures were originally set to expire at the end of June, but were later extended until the end of the year. The legislation approved on Monday extends them again, to June 30, 2021.

State Secretary for Tax Affairs Norbert Izer said the extension of the preferences would save taxpayers some HUF 35 billion.

Provisions in the legislation approved on Monday also introduce stiffer sanctions for violations of quarantine.

ADVERTISEMENT

Slovakia retail sales fall drastically in January  Retail

Slovakia retail sales fall drastically in January 

GDP outlook in doubt as non-essential business close Analysis

GDP outlook in doubt as non-essential business close

Share of women in management among highest in EU EU

Share of women in management among highest in EU

Twinz Coffee & Kitchen opens at Árpád Center Food

Twinz Coffee & Kitchen opens at Árpád Center

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.