Accountancy
As of 1 July 2020, the obligations related to invoices issued by your Hungarian company will change in order to make the economy more transparent. Certain invoices must be reported to the Tax Authority immediately, while all invoices must be issued sooner after performance. Report invoices immediately When your Hungarian company issues an invoice to …
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Since accountancy and bookkeeping is strictly regulated in Hungary, there are also strict rules governing how to correct possible mistakes on invoices. To keep things transparent, you can either create a correction invoice or a cancellation invoice.
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While decreasing business volumes caused by the pandemic place an unexpected burden of both employers and employees, various benefits and tax reductions help business owners in Hungary to retain work force while keeping their business afloat. State aid for reduced working hours Lower business volume means less income as well as less work. As a …
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Part of the economic relief measures in Hungary due to the coronavirus pandemic, some payroll taxes are reduced to help retain employees and heighten job security. The structure of fringe benefits and healthcare contributions also changes.
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Whenever the basic data of your Hungarian company are changed, the new data must be registered officially, so all those interested can access up-to-date information in the company registry.
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Some further measures have just been announced to alleviate the burdens of a broader segment of the population, and counter the impact of the current COVID-19 pandemic on Hungarian economy.
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The Hungarian government introduced the following economic relief measures to alleviate the burdens posed by the current COVID-19 pandemic, and make sure it is easier for everyone to get through these difficult times and pick up work once the situation clears up:
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KIVA, or the small business tax benefits companies in the service industry in Hungary. It is best for companies selling their expertise instead of goods.
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The family allowance is paid directly to the parents of eligible children. It is the basis of the family tax benefit, which reduces the amount of taxes on the gross salary of employees.
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Any individual can get access to the Client Gate: not only Hungarian citizens but also other nationals. You can get a user account at any local government office in Hungary.
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