Hungary
Taxation in Hungary
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Taxation in Hungary
Income Tax
Income tax rates are:
18% on income between 1 and 1,700,000 HUF
36% on income of 1,700,001 and over
Capital Gains
Individuals pay 16% capital gains tax. Hungarian companies pay the same rate of capital gains tax as the regular company income tax imposed. A rate of 20% tax is paid on capital gains from sale of shares in EU and OECD.
Corporate Tax
The corporate tax rate in Hungary is currently 10%
An employer is required to deduct tax at source and also deduct a certain percentage from the income of their salaried workers for social insurance.
Value Added Tax
Value Added Tax is payable at a rate of 27%, and reduced rates of 5% = 18% on certain products.
Social Security
If you are a salaried worker on the payroll in Hungary, you will be given a Social Security card, which means you are entitled to public medical treatment.
Employees pay the following rates of social security contributions:
Pension contribution: 8.5%
Health care contribution: 4%
Unemployment contribution: 1%
The social security system in Hungary provides the following services:
Health service
Social care
Family and Child welfare
Pensions
Unemployment aid
Education
Those in full or part-time employment, members of cooperatives, or those who are either self-employed or entrepreneurs, and their family members, are all covered by the social security system.
However, many of the foreigners choosing to live and work in Hungary permanently are
investing in private healthcare cover or they are negotiating cover as part of their employment.
The pension system (for those who are insured) provides retirement benefits in the eventuality of:
Old age (62 with at least 20 years of work)
Death, leaving a widow or widower and/or dependents
Disability and accidents resulting in disability