On Nov. 29, HUN PRL issued act on amendment of certain tax laws.
HUN PRL issued law LV/2024 (OG XI.28.2024) on amendments to certain tax laws.
Tax for Businesses and Families
Tax policy has been consistent and unchanged since 2010, and it focuses on tax reduction, support for families and businesses, simplification and economic issues.
As a result of this economic philosophy, in the last 10 years, HUN GVT has by far reduced taxes on labor to the greatest extent in the EU, amongst other things.
For economic purposes HUN GVT proposes to amend numerous tax laws with additional tax reductions and simplifications, which includes allowances for families.
HUN GVT will double the tax allowance for children in two steps, on Jul. 1, 2025 and Jan. 1, 2026, so annual amount of tax relief left for families may exceed HUF 650bn.
By amending the tax laws, HUN GVT aims, among other things, to facilitate personal income tax, new steps to whiten the economy and reduce administration.
Purpose of HUN GVT is to fulfill EU legal harmonization obligations via proposals.
Effectiveness
LV of 2024 on the amendment of certain tax laws in the application of point c) of s. 9 (2) established by law, as per date of obtaining the right to use the purchased service.
If this falls on a day before Jan. 1, 2025, but the relevant proof is available after December 31, 2024, the the date of receipt of income is the day receipt is available.
Unlike the date specified in point c) of s. 9, subsection (2), effective on Dec. 31, 2024.
Regulators
HUN GVT; HUN PRL
Entity Types
Auditor; CNSM; Corp
Reference
OG XI.28.2024, Law LV/2024, 11/29/2024; Reg 2023/2831/EU; Reg 651/2014/EU; Citation: OG XI.28.2024;
