The only constant thing is change – especially in the business environment. We list here 5 points of change coming in the near future. There are much more, and we will keep you informed about them.
- Minimum salaries will increase in January as every year. The plan is 8%, but the exact figures are not yet published.
- The lump sum tax of SMEs (KIVA) drops to 12% in 2020, following that of the social contribution tax in July 2019.
- VAT of hotel accommodation drops from 18% to 5% in January.
- The replenishment of yearly corporate income tax advances until 20 December is deleted. Unfortunately, it does not apply to the local business tax of companies over HUF 100 million revenue.
- The value limit of immediate online data transmission of sales invoices drops to zero in July 2020: all the invoices will be wired to the tax authority.
If you wish to know more about the above, get in touch with us.