On 1 October 2012, the parliament approved the Bill on the Itemized Tax of Small Businesses and Small Business Tax.  Bill on Itemized Tax of Small Businesses and Small Business Tax, sole entrepreneurs and partnerships, meeting certain criteria, will be eligible to opt for the new itemized tax (HUF 50,000/month/person contributing to the activity of the taxpayer with a contract other than an employment contract) replacing their individual income tax, corporate income tax, entrepreneurial income tax, health care contribution, social contribution tax and vocational training contribution. The eligible taxpayers will be liable to simplified accounting and record keeping rules. Eligible...