Taxes
Personal income tax in Hungary is currently 15%. It is deducted from the gross salary of employees, who get only their net salary. It is the employer who transfers taxes and contributions to the authorities. This will not change in 2017 – let’s see what will!
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Your accountants file a monthly or quarterly VAT report on your behalf. The frequency of VAT reports depends on your trade volume or activity. The report is filed by the 20th of the month following the relevant month or quarter. If your VAT reclaimable is more than your VAT payable, you can reclaim the difference in the VAT amount from the Tax Authority.
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Dividend is a payment made to the company’s owners from the profit after taxation and free accumulated profit reserves. This also means that if a company did not produce profit, it cannot pay a dividend.
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Authorities let companies reduce payroll taxes if they employ workforce who have difficulties entering the labor market. Members of the listed groups may prove as eager, skilled, and earnest employees as anyone else, while employing them grants you significant payroll tax relief.
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The gross salary is what you agree on with your new hire. Employees pay taxes and contributions from that, so in the end they receive only their net salary. Your company also pays contributions, and the sum an employee actually costs you is called super gross salary.
The post How do you calculate salary and contributions in Hungary? – Employment in Hungary appeared first on HELPERS.
Taxation can be a complex matter. In order to best assist you, however, we need to understand the basics of your business operation. Still, you may find the following list of basic corporate taxes useful.
The post Hungary Taxation – Accountancy quick guide appeared first on HELPERS.
When you start your company in Hungary and issue your own invoices towards your clients, you will charge VAT only towards individual (retail) buyers. However, if you are an international trader, you may not charge VAT at all.
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