Wine to Be Tax-Exempt in Hungary When Given As Company Gift

  • 11 Oct 2023 1:21 PM
  • Hungary Around the Clock
Wine to Be Tax-Exempt in Hungary When Given As Company Gift
Wine purchased directly from domestic winemakers and given as a present by companies will be tax-free until the end of the state of emergency, under a cabinet decision.

The corresponding decree will enter into force on November 16.

The state of emergency expires on November 25 but is expected to be prolonged, so Christmas and year-end wine gifts can also be tax-free fringe benefits, website 24 speculates. The usual tax on such gifts is 33%.

There is a limit for the so-called small value presents to employees, so employees can receive up to Ft 23,200 worth of tax-free wine from their employer, if they have not already received a small gift during the year, winemaker Péter Varga explained.

Russia was one of the biggest export markets for Hungarian wines until 2014, but that has been lost.

Some 96-97% of the wine consumed in Hungary is domestic wine, which means that very little imported wine is consumed, Varga added.

MTI Photo: Tamás Kovács

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