Hungary confirms Retail Tax as permanent
- Jun 18, 2020 | Richard Asquith
Hungary has confirmed that its new COVID-19 retail sales tax will be permanent.
The monthly turnover tax on high street and online retailers was introduced in May 2020. The tax is levied on a sliding scale of up to 2.5% for businesses on sales above HUF 100billion. The reporting threshold is HUF 500million.
The tax was originally announced as a medium-term financing requirements during the coronavirus crisis.
The retail tax is calculated on a 12-month historical basis. Payments are due at the start of each month, calculated at the appropriate band % multipled by one-twelfth of prior twelve months’ turnover.
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