Local Business Tax
The end of May is an important time in the life of Hungarian companies. Yearly reports and taxes must be submitted by 31 May. Are you ready for the year-end closing?
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We have already written about most changes to taxation in Hungary 2022 – most of which are tied to the ongoing pandemic and the government’s efforts to increase the purchase power of salaries while also creating a more favorable business environment for companies. Now see a summary of the changes, with links to the more detailed descriptions.
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At 9%, Hungarian corporate tax is one of the lowest in the European Union. However, depending on its registered seat, your Hungarian company will very likely to pay local business tax as well. As opposed to corporate tax, local business tax does not exist in other countries, so it is recommended to learn what it is and how much of it you can expect to pay.
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KIVA is a tax for small businesses in Hungary. As opposed to running an LLC and paying the “regular” taxes (9% corporate tax and various other taxes, especially on payroll), the 11% rate of KIVA includes corporate tax, social contribution tax and vocational training levy. This, combined with how the tax base is calculated, makes KIVA very favorable in certain cases. But which Hungarian enterprises can opt for this taxation structure, and when should they?
The post KIVA: a small tax for small businesses in Hungary appeared first on Helpers Finance.