Hungary: Financial reporting, tax relief measures (COVID-19)
Hungary: Financial reporting, tax relief measures
A decree (140/2020. (IV. 21.)) includes relief with regard to certain financial reporting obligations and also concerning certain tax requirements in response to the coronavirus (COVID-19) pandemic.
Concerning financial reporting obligations, the deadline for preparation, deposit, publication and submission of annual reports by certain entities is extended to 30 September 2020.
Concerning tax-related relief, those taxes for which calculations are based upon data from an annual report (e.g., corporate income tax, “Robin Hood tax,” local business tax, innovation contribution, and small business tax), the deadline to submit and settle (pay) the tax obligations is 30 September 2020. In addition, a taxpayer can request a reduction of the tax advance payment before the due date in certain instances.
Other tax-related relief measures provide:
- With regard to the social tax, the tax rate as of 1 July 2020 will be 15.5% (instead of 17.5%).
- There are changes to the threshold amounts for the taxation of fringe benefits.
- The measures regarding the support provided to employers in the research and development (R&D) sector are amended.
Read an April 2020 report prepared by the KPMG member firm in Hungary
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