tag: personal income tax

More than a lot

Tamás Fehér | 22 June 2016

According to our calculations there are presently 60 taxes in force in Hungary. Value added tax accounts for 25% of central tax revenues whereas the personal income tax accounts for 13%. However, most taxes account for less than 1% of these tax revenues. The figure of 60 different taxes seems slightly excessive also in an international context.

Long-term investment account – hole in the net

István Csővári | 2 January 2014

The purpose of the personal income tax is to make Hungarian tax residents liable to tax on all their personal income irrespective of where the income is sourced and in which form it is realized. The personal income tax laws, therefore, create a net around the individuals and any item of income can only get through the net if it has been taxed. On this net a rather big hole was cut by the introduction of the so called long-term investment account (“TBSz”) in 2010.

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The law is constantly in flux. While many people may find this intimidating, for us it’s precisely what makes it so exciting. We’d like to share this attitude with businesspeople and managers, and with those who just have an interest in business law, in the form of a regularly updated blog that discusses the latest tax law and commercial law issues in an accessible style. Feel free to send your questions and suggestions for topics you’d like us to cover to blog@jalsovszky.com.

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