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Windfall Profit Taxes Remain in Hungary - Big Retailers To Pay More

• 2 Jun 2023 1:31 PM
• Hungary Around the Clock

The windfall profit taxes introduced for two years in 2022 will remain in effect in 2024, according to a decree published.

The windfall tax is reduced for banks, but will rise for retailers in the highest bracket, Portfolio notes.

The windfall profit tax to be paid by the retail sector in 2024 will continue to have four tiers.

In the highest of these, a 4.5% tax will be payable on annual net sales above Ft 100 billion, up from 4.1% this year.

The windfall tax on pharmaceutical companies is halved but the duty to pay refunds to the state on the sale of subsidised drugs is increased.

The size of this refund was 20% of sales revenue before 2022, but when the windfall profit taxes were introduced last year, a 28% levy was imposed on revenues from drugs with a wholesale price above Ft 10,000.

This latter rate will now increase from 28% to 40% from next year.

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