Taxes
If you buy goods from outside the European Union often, you probably know that value added tax and customs duty do not apply to such purchases under a certain value. But have you heard that the regulation is about to change? The new rules eliminating VAT exemption for non-EU purchases will take effect on 1 July 2021.
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If you live and work in Hungary, you must file tax returns in Hungary every year. With the 20 May deadline for filing your tax returns for the previous calendar year approaching, read a summary on the process and make sure you stay abreast of this topic and avoid unpleasant surprises.
The post Tax returns in Hungary: the essentials appeared first on Helpers Finance.
Taxation is simple if you only have income where you live. However, it gets complicated when you start making money in two countries. By determining your tax residency, you can find out where you need to pay taxes. There are a lot of factors to consider, but Helpers Finance has years of experience in this matter. In this blog post, we tell you about the basics.
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Do you have taxable income in Hungary? If yes, you can choose to donate a small part of your taxes to charitable causes. What is best, this is a donation that does not cost you any extra money, since you pay the same amount in taxes, while you can specify who gets to spend it. People colloquially talk about “the 1%”, but it is in fact 1+1%, with 1% of your personal income tax offered to an NGO, and another 1% to a church.
The post Personal income tax donation: redirect 1% of your PIT to an NGO appeared first on Helpers Finance.
To do business in Hungary, you will most likely need a Hungarian VAT number. This number is used for invoicing and taxation purposes: to put it simply, it is what identifies you as a company (or a freelancer) at the Tax Authority. It is not to be confused with the tax ID, which is what you need as an individual to work as an employee.
The post How and when to register a Hungarian VAT number appeared first on Helpers Finance.
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?
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Have you heard about double taxation? The expression may sound intimidating: paying taxes once is just about enough, right? Luckily, double taxation is not too frequent, but it is important to be familiar with the mechanism. In this blog post, we explain the basics.
The post Taxes in Hungary: avoiding double taxation appeared first on Helpers Finance.
Are you planning to purchase real estate in Hungary? You should be aware of a cost that will not be included in the contract: property tax. This blog post explains what you need to know if you would like to avoid an unpleasant surprise from the tax authority after buying your dream home.
The post Buying real estate in Hungary: property tax appeared first on Helpers Finance.
Do you own, manage or do business with multiple SMEs in Hungary? They may be considered affiliated undertakings, which can affect taxation depending on the circumstances. The regulation seems complex, but Helpers Finance is here to help. In this blog post, we explain all you need to know.
The post Taxes for affiliated SMEs in Hungary appeared first on Helpers Finance.
Imagine that you are at Budapest Airport, waiting at the customs check and about to leave Hungary. As a non-EU resident, you are entitled to value added tax refund after your purchases made in the European Union. However, the conditions are quite complex. The regulation focuses on two main aspects: the person who made the purchase and the product that was bought. In this blog post, Helpers Finance tells you the most important details.
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