Hungary Asks EU To Raise VAT Ceiling
- 6 Nov 2017 10:00 AM
Hungary is asking for the European Union’s approval to raise the VAT turnover threshold for small businesses, Economy Minister Mihály Varga told the state news channel M1. Currently companies reporting less than Ft 8 million are exempt from VAT registration, which the government wants to increase to Ft 12 million from January 1, 2019.
Businesses that have annual revenues under Ft 12 million can choose the self-employed business tax “kata”, which replaces all other taxes and contributions payable to the state.
“If the proposed hike in the ceiling gets the green light, then the tax filings of small businesses will become much easier”, Varga said, adding that SMEs could expect to save some Ft 25 billion annually.
Source: Hungary Around the Clock
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