News
Another useful tax relief announced from Hungarian Minister of Finance
Summary
Companies will be able to pay corporate tax and business tax not only in forints but also in euros and dollars according to the latest announcement from the Minister of Finance.
This means that the businesses can pay these taxes (corporate and business taxes) in euros and dollars in addition to forints which was the currency for these payments, Finance Minister Mihály Varga announced last Saturday. The new measure constitutes “further tax relief”, he argued but gave no additional details for now.
Content
The new rule may simplify administration for companies whose income is partly or entirely in foreign currency, and the option is available to all corporate bodies. Based on the Ministers words, the administration will be eased, the tax revenues will arrive unchanged, and the budget balance will remain stable thanks to this new option.
However, the government may not have disclosed the genuine reason for the decision, Portfolio comments, arguing that it may be related to the fact that Hungary needs more foreign-currency income, but is not confirmed.
In any case, after the recent weakening of the forint, many companies are switching to euro settlement, the website notes.
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