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In a World Bank survey, Hungary had the top ranking for trading across borders out of 190 surveyed nations. Their GDP has been rising year-over-year since 2010 and growth peaked at 5.2% in 2019. Forecasts for 2020 suggest further growth well above the average in Europe. Taking all this into account, it’s easy to see […]
If you want to start a business as a foreigner in Hungary, it is easier than in many other places in Europe. The process is also less time-consuming. There are many other benefits to this choice. For one, starting a business in Hungary could be your gateway into the European Union. Hungary is also known […]
If you want to start a company in Hungary, or to move your business there, you need to know how to pay taxes in EU member states. Also, it’s crucial to understand Hungarian tax laws and regulations. Since learning about the intricacies of the country’s tax system is difficult to do on your own, it […]
The National Intellectual Property Office (hereinafter referred to as „HIPO”) keeps a record of start-up companies and companies that support start-up businesses in Hungary. The registration by the HIPO is a precondition of the tax benefit of section 7 of Act. LXXXI. of 1996 on corporate tax law. According to the referred act, the investment […]
According to Act CL of 2017 on Taxation, companies have to announce information about their foreign bank account(s) to the National Tax and Customs Administration (in Hungarian “NAV”). The deadline for the registration is 31 January 2018. All domestic business organization must report the number of all valid bank accounts held by a foreign financial […]
According to the Act CCXXII of 2015 on the E-administration Law the registration of an Online-Gate (in Hungarian “Cégkapu”) is obligatory for every business entity in Hungary. The deadline for the registration is 1st January 2018. The purpose of the Online-Gate is to provide direct connection between business organizations and the State of Hungary’s authorities. Since […]
A 2017 tax package has been adopted by the Parliament earlier this summer to make significant changes in 2017 taxation rules. Hereunder you find the most influential modifications that may affect your business. Modifications in cafeteria Healthcare services, as new tax-free bonus given by employers, is a new optional item of 2017 cafeteria system. Services […]
In the summer of 2010, the Hungarian Government decided to establish one of the most favorable corporate tax systems within the European Union. To this end, the former 19% corporate tax rate has been reduced to 10%. Limitation to the 10% tax rate is a maximal annual turnover of HUF 500.000.000 (approx EUR 2.000.000). As […]
In the summer of 2010, the record low corporate income tax (“CIT”) rate of 10% for up to a ceiling of HUF 500 million tax base was introduced. At that time, the Hungarian Government wanted to implement the reduced CIT rate for all companies; however, due to the worldwide economic crisis that of course also […]
As part of the government efforts to launch economic growth, raise employment rates and reduce administration, the government introduced a bill relating to the Labor Code to the Parliament on 3 June 2011. The amendments aim to reduce the employer’s burdens and to allow a more flexible workforce management. With the new rules, the employer […]