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Summary 20 posts

Wage support 4.0: additional industries, increased wage support and advance payment

The rules for wage support were amended at the same time as the restrictive measures were introduced in response to the COVID-19 pandemic: additional industries have been added to the wage support scheme, and the advance payment of the support has become available, resulting in potential cash flow benefits for employers. Here are the most important dates and deadlines.

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Another option for employers: the job-creating wage subsidy has arrived

As part of the COVID-19 Economic Protection Action Plan, the Hungarian government has launched a new wage subsidy programme now to enhance job creation. Its main purpose is to provide help in recruitment for employers who have been forced to lay off workers in recent months due to the economic impact of the coronavirus.

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NAV Online Invoice reporting - how to prepare for July 2020?

More than 300,000 Hungarian companies have been reporting their invoice data to the NAV online invoice reporting system for almost two years. From 1 July, this scope will be further expanded, all invoices issued between domestic business partners will be required to provide online invoice data, regardless of the VAT amount of the invoice, the reporting threshold will be reduced to zero. The expansion of the M-form obligation related to purchases can also be a nightmare for accountants.

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Modified wage subsidies and tax reliefs in Hungary

The new conditions for wage subsidies are more favourable, facilitation of deadlines in respect of reporting and taxation, SZÉP card changes and confirmation of social contribution tax (”szocho”) rate reduction. These are, among others, the latest regulations to mitigate the economic effects of the coronavirus.

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R&D wage subsidy in the April economic package in Hungary

As part of the Action Plan to protect the Hungarian economy, new measures have been introduced in Hungary to preserve R&D workers’ workplaces. The government measures relate to the coronavirus pandemic, and take the form of a wage subsidy available for employers. The measures are applicable as of 15 April 2020, and businesses in various sectors could take advantage of them, such as IT and software development companies, pharmaceuticals, chemical companies, companies in the financial sector and manufacturers.

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