Hungary: Living There - Tax Issues
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Last Updated: May 16, 2007
Living There
Residents are taxed based on normal progressive rates on their worldwide income with tax credits available.
INCOME TAX |
|
| TAXABLE INCOME , HUF (€*) | TAX RATE |
| Up to 1,700,000 (€6,838) | 18% |
| 1,700,000 – 6,748,850 (€27,145) | 36% on band over €6,838 |
| Over 6,748,850 (€27,145) | 40% on band over €27,145 |
| * Exchange rate as of 22 May 2007: 1 EUR = 248.621 HUF Source: Global Property Guide |
|
TAX ALLOWANCE |
|
| TYPE OF TAX CREDIT | TAX CREDIT, HUF (€) |
| Employment Credit | 18%, up to a maximum of HUF108,000 (€434), if total annual taxable income does not exceed HUF1,500,000 (€6,033); for income between HUF1,500,000 and HUF2,100,000 (€7,868), the tax credit calculated should be reduced by 18%. |
| Family Credit | HUF4,000 (€16) per child every month |
| Disability Credit | Disabled persons are given a monthly credit equivalent to 5% of the minimum wage or HUF3,275 (€13) per month. |
| Education Allowance | 30% of tuition fees for first degree of higher education up to a maximum of HUF60,000 (€241) per year. |
| * Total tax credit claimed may not exceed the tax payable. Tax credits are not refundable. Source: Global Property Guide |
|
There are many allowances available:
Hungary - more data and information
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