FIRST ECONOMIC AID PACKAGE

The first financial package of immediate measures in response to the coronavirus crisis was announced on 18 March by the government of Hungary.

  • The payback of all loans given to individuals and companies is suspended until end of the year.
  • All short-term business loans are extended until end of June.
  • The new APR on consumer loans taken from now will be capped at + 5% of the central bank base rate.
  • Employers in the most crucial sectors of tourism, hospitality (catering), entertainments, sports, cultural services, and passenger transport are exempt from paying payroll taxes, and their employees do not have to pay pension contribution, while the health insurance premium is reduced to the minimum until June. The tourism development contribution will also be released by 30 June.
  • The regulation of Labour Code will be more flexible. The aim is to make it easier for employers and employees to match.

Follow us here for the latest Hungarian news and publications on the COVID-19 crisis.

Recent Posts

January 31, 2023

TAX FREE PETROL COST REIMBURSEMENT

THE TAX FREE AMOUNT OF COST REIMBURSEMENT WAS DOUBLED FROM JANUARY 2023 Employers can give this benefit to the employees who live in another city…

Continue reading
January 11, 2023

BUSINESS IN HUNGARY

As a booming economy in the middle of Europe, and a member of the European Union, Hungary offers great opportunities for foreign companies to invest…

Continue reading
January 3, 2023

MINIMUM WAGES IN HUNGARY IN 2023

The usual raise of minimum wages arrived in January. There was a dynamic raise of both minimum wages and the general wage level in Hungary…

Continue reading