Magyar Posta reaches 1/3 of package market share
Hungary's state-owned postal company Magyar Posta expects to deliver 12 million packages by the end of this year, an increase compared to last year’s 11 million, giving it one-third of the market, deputy-CEO Róbert Molnár said at a press conference today.
József Teleki, head of the airport directorate of the National Tax and Customs Authority (NAV), noted that packages from online retailers from outside of the European Union are free of VAT and customs duty up to a value of €22. Buyers must pay 27% VAT on packages worth more, up to €150. Both VAT and customs duty applies to packages of a higher value. Packages sent to Hungary by private individuals from outside of the EU are tax-free up to a value of €45. VAT must be paid on values over that up to €150, while VAT and a 2.5% customs duty applies to packages worth up to €1,700. Commercial customs rates apply to packages of higher value.
There is no customs duty on packages sent within the EU, however a customs declaration must be filled out for packages worth more than €1,000. Teleki said VAT or customs duty was payable on 42,000 packages delivered from abroad this 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.