Tuesday night, the Hungarian government submitted a bill on a special retail tax to parliament. This extends the application of a government decree promulgated two weeks ago. Thus, the tax must not only be paid until the end of the emergency situation due to the coronavirus epidemic, but the Hungarian tax system will be expanded with yet another permanent tax.
It means – as a study by Deloitte Hungary points out – that while this tax levied on shops, pharmacies, etc. has not yet entered into force, it is already being extended. According to a government communication three weeks ago, traders will pay HUF 36 billion a year on this item, and this amount will be used in a fund set up to fight the coronavirus epidemic.
Subsequently, a government decree on the special tax was issued, introducing the tax on a temporary basis, from May 1 until the end of the emergency situation due to the coronavirus. It is not the profit that has to be paid, but the sales revenue, the tax rate increases in a band:
• 0% up to HUF 500 million in annual sales,
• 0.1% of sales revenue for the part between HUF 500 million and HUF 30 billion,
• 0.4% for the part between HUF 30 billion and HUF 100 billion,
• 2.5% for sales above HUF 100 billion.
The bill now submitted will make this tax permanent instead of temporary, so it will have to be paid even after the epidemic. Thus, the current number of tax types in Hungary, which exceeds 50, will increase by one more.
No comment yet. Be the first!
Top 5 Articles
Articles by Date
- ►2020 (462)
- ►2019 (237)
- ►2018 (161)
- ►2017 (310)
- ►2016 (279)
- ►2015 (324)
- ►2014 (229)
- ►2013 (233)
- ►2012 (250)
- ►2011 (303)
- ►2010 (167)
- ►2009 (43)
- ►2008 (3)