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Hungarian Parliament votes on tax changes, global minimum tax and other important changes
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Lawmakers approved a package of tax changes submitted by the government on Tuesday.
The law passed with 116 votes in support, 47 against and 7 abstentions.
The legislation simplifies rules on personal income tax and contributions while streamlining taxation of sole proprietors, ending their treatment as “quasi-companies”.
The legislation exempts communications networks from the utilities tax from the start of 2024 and rolls back the tax from the beginning of 2025. It extends the suspension of the advertising tax for another year.
The legislation paves the way for the broad adoption of electronic receipts and contains modifications necessary due to the termination of the double taxation avoidance treaty between the United States and Hungary.
The legislation exempts lottery-like gambling prizes from personal income tax in an effort to encourage public participation in such games.
Imports of certain artworks from outside the European Union will be affected by preferential 5 percent VAT and bottled wine with protected origin offered as business presents will be exempt from tax.
I thought our Politicians were fighting hard to keep GMT out. Singapore on the Danube. All that.
The point was that GMT would only impact major multinational companies, and that the benefit of this minimum tax would inure to the benefit of Hungary – not other countries, which is what would have happened if our Politicians opted to not pass this legislation.
So – the whole charade was just … “Fighting” for the sake of “fighting”? 140 countries had agreed, Hungarian Politicians were the only ones in the EU to still oppose this, as late as last year … https://www.reuters.com/markets/europe/hungary-blocks-eu-clearance-minimum-corporate-tax-2022-06-16/