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Hungary Introducing Additional Economic Protection Measures Amid COVID-19 Pandemic Including One-Time Banking Tax

10 April 2020

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Approved Changes

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Hungary

The Hungarian government has announced a five-point economy protection plan that is being implemented amid the COVID-19 pandemic. With respect to taxation, the main points of the plan include: The social contribution tax will be reduced by 2 percentage points from 1 July 2020; The deadline for the submission of tax returns has been postponed to 30 September; VAT refunds will be accelerated, with a reduction in the time limit in the case of normal taxpayers from 75 days to 30 days, and in the case of reliable taxpayers from 30 days to 20 days; and Special payment facilities, payment...