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Publications Tax changes from summer 2024

Tax changes from summer 2024

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​​​​​​Published on: 01.08.2024 / Reading time approx.: ​1,5 minutes​

Government decrees introducing amendments to several taxes and duties during the emergency period were published in the Hungarian Official Journal (Magyar Közlöny) No. 74 of 8 July 2024. Below is a summary of the most important changes affecting our clients.

Taxation

Level of penalties that can be imposed​


The maximum amount of penalties for non-compliance with certain tax obligations has doubled: 
The amount of the general default penalty has doubled 
  • for natural taxable persons from HUF 200,000 to HUF 400,000; 
  • for non-natural taxable persons from HUF 500,000 to HUF 1 million​.

In the following cases, the maximum default penalty will rise from HUF 1 million to HUF 2 million:
  • employment of undeclared workers, 
  • failure to issue invoices, simplified invoices, receipts or to issue receipts for a value other than the actual value,
  • failure to comply with the obligation to keep records.
 
The increased default penalty amounts apply to breaches of obligations due after 1 August 2024.


Social contribution tax 

Aid for the employment of persons entering the labour market


For employment relationships established from 1 August 2024, a Hungarian citizen and a citizen of a non-EEA country bordering Hungary who has been in compulsory employment, self-employment or partnership for a maximum of 92 days in 365 days prior to the month in which the employment starts, instead of the 275 days previously required, is considered to have entered the labour market.

The percentage of the benefit that can be claimed has not changed, but the qualifying period has been halved. The benefit is available for 18 months of employment from 1 August 2024 instead of 3 years, as follows:
  • the benefit is granted on the employee's gross salary in the first year of employment, up to the minimum wage, at the tax rate set in Article 2 (1) of the Social Contribution Tax Act (Szocho. Tv.), currently 13%, 
  • for the following six months of employment, up to 50 per cent of the minimum wage at the rate of 13%. 

The provisions of the ordinance apply to employment relationships established from 1 August 2024.


Transaction taxes 


Financial transaction tax rates from 1 August 2024:

  • The general rate of the transaction tax will increase from 0.3% to 0.45%, and the maximum amount of the tax per transaction will increase from HUF 10,000 to HUF 20,000.
  • For cash withdrawals from a payment account and cash withdrawals by means of a cash substitute payment instrument, the tax will rise from 0.6% to 0.9%​.


Securities transaction tax from 1 August 2024:


The tax rate for investment service providers will increase from 0.3% to 0.45% and the maximum amount per purchase will rise from HUF 10,000 to HUF 20,000.

Foreign exchange conversion tax from 1 October 2024:


In the case of payment transactions involving conversion between different currencies, taxpayers subject to the financial transaction tax will be liable to additional financial transaction tax. The additional financial transaction tax is 0.45% of the basic amount of the tax, up to a maximum of HUF 20,000 per payment transaction.


Supervision fee for online platform providers 

Online platform service providers established in Hungary will be subject to a supervision fee from 2024. The supervision fee payable per calendar year is 0.3% of the net turnover of the previous business year.

Exempted from the obligation to pay the supervision fee:

  • online platform providers that qualify as micro or small enterprises;
  • an online platform service provider whose net turnover from the services covered by the Regulation in the previous financial year or, in the absence of a previous year's turnover, the pro rata temporis share of the turnover for the current year projected over the whole year is less than HUF 100 million;
  • an online platform service provider that already pays a supervision fee to the Authority for another service is exempted from the obligation to pay a supervision fee​.


The exemption and the data on turnover for the previous financial year are subject to a reporting obligation. Failure to pay the supervision fee and to comply with the data provision requirements could result in a fine up to HUF 100 million.

Change in the list of non-cooperative states for tax purposes


As of 9 July 2024, Russia and Antigua and Barbuda have been added to the list of non-cooperative jurisdictions meanwhile the Bahamas and Turks and Caicos Islands have been removed from the list​. 

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