The Hungarian government has decided to introduce another tax relief, Finance Minister Varga Mihály has announced. Companies can now pay tax in euros or US dollars. For companies whose income is received partly or entirely in foreign currency, the new rule could bring simplification. The option to pay is available to all companies. Administration will […]
The OECD has set itself the goal of taking further steps to bring about a fair and equitable transformation of the global tax system within the framework of its new program, often referred to as BEPS 2.0, by developing two new tax concepts, referred to as pillars. "The first pillar of the program would allow […]
The Hungarian government has no plans to modify its tax regime as the the government claims the current system is much better than those recommended for Hungary by the IMF, the OECD or other international organisations, portfolio.hu reports.
According to the latest taxation survey by OECD, the organization comprising the most most developed countries of the world, people in Hungary pay 38.5% of the GDP as tax burden, above the OECD average of 34%. Consumption tax is the highest.
Hungary’s parliament on Tuesday voted to abolish NAV, the tax and customs authority, as an independent body and fold it into a state secretariat operating as part of the economy ministry. The related motion was approved with 119 votes against 62.
The Hungarian Banking Association considers free cash withdrawals just passed by lawmakers unfair and also detrimental on a social level. The new law requires banks to offer ATM withdrawals for free, yet pay tax on the transactions.
The Hungarian government has announced additional fiscal adjustment measures to avoid the reopening of the excessive deficit procedure (EDP) against the country once EU finance ministers agree to abrogate the EDP for Hungary.
The Hungarian Minister of National Economy Mihály Varga announced that in order to ensure that the European Commission’s excessive deficit procedure against the country is lifted, the government will freeze HUF 92.9 billion in the 2013 budget.
The Hungarian government is planning to impose a new tax, according to a bill on meteorology. The ‘service fee’ would be 0.5% of the annual advertising revenues of any media - irrespective of whether they broadcast weather forecasts/reports or not!
Hungary will have the crisis taxes phased out as of 2013, a National Economy Ministry deputy state secretary confirmed earlier reports on Tuesday. The sectoral taxes are expected to generate HUF 1 billion in 2012.
The European Commission has found Hungary's surtax on the telecom sector in breach of EU regulations but the Hungarian government says it will not revoke the tax and is willing to defend it before the European Court of Justice if needed.
The Hungary's Economy Minister György Matolcsy has proposed increasing the value-added tax on luxury items in a letter sent to European Tax Commissioner Algirdas Semeta, the Ministry of National Economy said in a statement on Wednesday.
Hungarian government representative András Kármán and the British Ambassador to Hungary, Greg Dorey signed a Double Taxation Agreement in Budapest. The agreement reflects modern business developments between the two countries.
Hungary is to further reduce its public debt in October and November, taking it down from 77% of gross domestic product to 73%, Prime Minister Viktor Orbán told a news conference after a cabinet meeting on Tuesday.
