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Tax Relief for Hungarian Air Companies

D&T
May 16, 2020

Hungarian airlines will receive a tax credit, according to the Hungarian Gazette published Friday night. According to this, the tax credit is available to companies with at least 10 employees whose main activity is one of the following: manufacture of aircraft and spacecraft; aircraft, spaceship repair; or air passenger transport - and sales fell by at least 25% due to the coronavirus epidemic.

Such companies do not have to pay social contribution tax on employees and entrepreneurs, nor do they have to pay a vocational training contribution. In addition, those who are required to pay a rehabilitation contribution will not have to pay an additional advance in 2020. The exemption lasts until December 31, 2020 at the latest.

Although the measure could also benefit a number of smaller companies involved in aviation, it is likely to be a significant help to the most important domestic air passenger company, Wizz Air. The regulation notes that the tax credit is clearly state aid in the eyes of the EU, but that the rules now allow for this temporarily due to the epidemic.

D&T

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