19
Fri, Apr
44 New Articles

COVID Tax Measures to be Continued in Hungary

COVID Tax Measures to be Continued in Hungary

Hungary
Tools
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

Latest proposal by the Hungarian Ministry of Finance aims to extend tax measures to help Hungarian SMEs.

Due to the COVID pandemic and in order to facilitate liquidity for SMEs in Hungary, the deadline for VAT reimbursement has been shortened. As a general rule, SMEs should receive reclaimed VAT within 30 days instead of 75 days. Furthermore, the deadline for SMEs qualifying as ‘trusted’ taxpayers is even shorter, 20 days, which is the swiftest in the European Union.

Additionally, COVID-specific tax payment reliefs have also been introduced: companies may apply for payment in instalments, deferred payment and even partial tax reduction for tax debts under HUF 5 million (approximately EUR 14,000). Ministry of Finance now proposed to further extend those measures by the end of 2021 to boost the restart of the economy as well.

By Balint Zsoldos, Head of Tax, KCG Partners Law Firm

KCG Partners at a Glance

KCG Partners is a Hungarian business law firm providing a comprehensive range of legal services to international and local clients seeking local knowledge and global perspective. The firm comprises business-minded lawyers with sector-specific expertise, creating value for clients by applying a problem-solving approach and delivering innovative solutions.

The firm has a wealth of knowledge in corporate law, M&A, projects and construction, energy, real estate, tax, employment, litigation, privacy and forensics, securitization, estate planning and capital markets.

To address clients’ regional and international concerns, the firm maintains active working relationships with other outstanding independent law firms in Central and Eastern Europe, whilst senior counsel Mr. Blaise Pásztory brings over 40 years’ of US capital market and fund management experience.

KCG Partners Law Firm is the result of the teamwork of passionate and talented lawyers guided by the same principles and sharing the same values: 

  • Our most valuable asset is our people. They are the engine of our business and the key to our success.
  • We push boundaries by looking for innovative solutions that can empower our clients to achieve greater results.
  • We place our experience, commitment and professionalism to your service.
  • We are driven by our vision to shape and lead the Hungarian legal market and become a first choice law firm in our practice areas.

Firm's website: http://www.kcgpartners.com