After difficulties in 2023 and 2024, Hungarian GDP is again on the rise. The volume of gross domestic product was 0.5% higher in Q4 2024 than in Q3 2024, and 0.4% higher than in Q4 2023. The increase might seem small, but it indicates a turn after a lengthy period of challenges.
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According to the latest surveys, cash remains a strong element of Hungarian economy, while digital payment methods are slowly gaining ground.
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While corporate tax in Hungary is the lowest in the EU at just 9%, there is another profit tax business owners must keep in mind: the local business tax, or HIPA in Hungarian. It means an additional 2% tax on your net income, depending on where your business operates. Get an overview below. “Local” means …
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You can use your personal money to provide the share capital of your Hungarian company. Once that is done, however, your own money and the company’s money are separate, and you cannot make transfers freely or without proper documentation.
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Hungary does not have a progressive tax system, so it doesn’t really have tax brackets. However, it offers various tax benefits and preferential tax regimes that are available under certain income limits.
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This is good news for multinational companies operating in Hungary, as both their tax and administrative burdens lighten.
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As of January 1, 2025, the revenue cap for VAT exemption is increased to HUF 18 million in Hungary. This is great news to small businesses, since price increases of the last few years would have otherwise forced them to become VAT subjects.
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FEOR in Hungary is the standard classification of occupations. You will need it when you report a new hire to the Tax Authority, and it is used to make statistics about how the population is employed.
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NACE, or TEÁOR in Hungarian, is a classification of economic activities that is used in Europe to make statistics about what businesses do and where their income is from. The latest NACE update came into force as of 1 January 2025, and it might mean a few additional tasks for you and your accountant.
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In Hungary, the minimum wage is increased every year so it can remain a living wage against inflation. In line with this, the minimum wage is increased again as of 1 January 2025. Read on to see how this will affect your Hungarian business.
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