Index - Economy - they are becoming more favorable for small businesses

Index – Economy – they are becoming more favorable for small businesses

Norbert Iser told the Telegraph that flat tax rules would be more appropriate next year. According to the Minister of State for Tax Affairs at the Ministry of Finance, micro and small businesses should consider switching to flat tax, which they can do by the end of December 2022.

Currently, the tax office records more than 16,000 individual owners being taxed at a flat rate, but that number could double next year, according to the secretary of state.

Income is tax-deductible up to half of the annual minimum wage, which means flat rate taxpayers do not have to pay personal income tax of up to HUF 2 million.

In this case, no return is required.

Ezer noted that in the case of those who are entitled to an 80 percent cost settlement, the tax and tax credit limits are higher, for example, photographers, hairdressers, taxi drivers and telephone installers who choose a flat tax do not have to pay. It reaches HUF 6 million in annual income. He noted that a small business owner whose income does not exceed HUF 24 million can opt for this type of taxation. For retailers, this means a higher amount, fifty times the minimum annual wage.

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