On 7 November 2005, the Hungarian parliament approved the Bill containing various amendments to the tax laws, which will gradually take effect within the next 5 years. The changes affect almost all types of taxes, as well as social security contributions. The most significant changes that enter into force as of 1 January 2006 (unless otherwise indicated) are the following: Corporate income tax A reduced rate will be introduced. The part of the pre-tax profits of the enterprise which does not exceed HUF 5,000,000 (approx. EUR 20,408) will be taxed at a rate of 10%, while the part exceeding this...