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Companies in Hungary May Now Pay Taxes In Euros, Dollars

• 1 Aug 2022 9:14 AM
• Hungary Around the Clock

Businesses can pay corporate and business taxes in euros and US dollars in addition to forints, Finance Minister Mihály Varga announced last Saturday.

The new measure constitutes “further tax relief”, he argued, but gave no details.

The new rule may simplify administration for companies whose income is partly or entirely in foreign currency, and the option is available to all corporate bodies.

“Administration will be eased, the tax revenues will arrive unchanged, and the budget balance will remain stable,” said Varga.

However, the government may not have disclosed the genuine reason for the decision, Portfolio comments, arguing that it may be related to the fact that the state needs more foreign-currency income.

In any case, after the recent weakening of the forint, many companies are switching to euro settlement, the website notes.

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