Taxes

BKIK membership as opposed to yearly contributions

All companies registered in Budapest have obligations towards BKIK, the Budapest Chamber of Commerce: every year, they must provide the Chamber of Commerce with information about their activity and pay a small contribution. However, joining BKIK is optional, meaning that the yearly contribution is not a membership fee. So what is the difference between the …

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Green taxation trends in Europe boosting the economy

How to boost the economy during recession, like the one caused by the COVID-19 pandemic? Scandinavian countries have found a recipe that has let them remodel their economy: green taxation.

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Hungary has agreed to introduce the global minimum tax

We have already discussed plans for the introduction of a global minimum tax. Last week, Hungary agreed to join the convention that aims to set corporate tax at a 15% minimum for international companies that have a yearly revenue above EUR 750 million.

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Explore the new small business tax calculator

Every newly registered company in Hungary must choose a tax regime. Is the regular corporate tax or KIVA more beneficial for your company? Check out our new small business tax calculator, and let us help you make an informed decision.

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Business gifts in Hungary

They say it is better to give than to receive. It is certainly nice to present your business partners with something nice, but what written and unwritten rules pertain to business gifts in Hungary? Let’s find out the basics.

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Local business tax: how much do you need to pay?

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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Issuing invoices in Hungary: reverse charge on VAT

Most business owners in Hungary are used to issuing and receiving invoices with value-added tax. When such an invoice is issued, the buyer must pay the gross amount, and later both parties submit a VAT report indicating the value added tax they received and paid. These two amounts determine whether the seller needs to forward any VAT to the tax authority. Reverse charge works the opposite way: the seller cannot charge VAT because it must be determined and paid by the buyer.

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Make sure to pay the BKIK contribution for 2021

If you have a business in Hungary, you may have received an e-mail from the Budapest Chamber of Commerce (BKIK) about your yearly contribution. This is a fee that all Hungarian companies must pay to support the operations of the Chamber of Commerce. But how much do you need to pay and what can you expect if you miss the deadline?

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Changes to taxation in Hungary in 2021 and 2022

Taxes in Hungary are adjusted every year, and the Parliament has recently decided about the next changes to taxation. Some of them will affect your business in Hungary – find out how!

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Selling services – when to charge VAT?

Whether your services are subject to VAT depends on who your customers are and where they are located. Since the applicable VAT rate also depends on the kind of services you sell, international service sales are a complex matter.

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