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Hungarian Government suspends bank debt repayments and passes tax exemptions to assist corporations and individuals

20 March 2020

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Tax Alerts, Legislation & Policy, Na...

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Hungary

On 19 March 2020, the Hungarian Government introduced several measures to ease the economic impacts of the COVID-19 crisis. These measures include, among others, a moratorium on loan repayments.BackgroundEffective 19 March 2020, the measures are intended to provide immediate assistance to corporate and private individual taxpayers in the new global environment.One of these measures is the suspension of repayment of loans. Further, the Government also introduced the prohibition of termination and increase in fees of rental agreements and temporary exemption from taxes and charges in specific sectors (e.g. tourism, hospitality, entertainment) as well as some general amendments simplifying labor law...