Collected taxes increased in 2017

Telco

pixabay

Revenues handled by Hungaryʼs National Tax and Customs Administration (NAV) amounted to HUF 13.401 trillion last year, a 4.8% increase year-on-year. In addition, NAV was able to recover nearly HUF 262 billion of unpaid taxes and receivables.

Revenues collected last year showed a HUF 608.6 bln increase compared to 2016, business news daily Világgazdaság reported. Revenues from personal income tax were HUF 213 bln higher than a year before, amounting to HUF 2.024 tln, attributable to wage increases and the raising of the minimum wage.

A much higher increase in revenues was generated by VAT, with a growth of 10.6%, amounting to HUF 6.145 tln. Corporate taxes dropped by HUF 58.2 bln to HUF 624.9 bln, due to lower tax rates introduced last year.

NAV launched almost 994,000 enforcement proceedings for more than HUF 757 bln in unpaid taxes and receivables last year. Of this amount, NAV was able to recover nearly HUF 262 bln. Roughly half of that amount was generated from placing liens on assets.

ADVERTISEMENT

Climate change hurts economy, but creates new business oppor... Analysis

Climate change hurts economy, but creates new business oppor...

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Dentons rehires banking and finance partner Appointments

Dentons rehires banking and finance partner

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors

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.