Hungary postpones special tax compulsion for tourism SMEs

 Thursday, November 24, 2022 


The Hungarian government has thought to postpone the compulsion of domestic small and medium-sized enterprises (SMEs) on the go in the tourism industry to pay a four per cent tax, which is called “tourism development contribution,” said the Hungarian Tourism Agency (MTU) in Budapest.

The postponement, effective between October 1, 2022, and March 31, 2023, is the speediest and most effective government aid for Hungary’s SMEs burdened with the enduring energy crunch, stated the MTU.

This step will allow almost 100,000 SMEs to save around 30 billion Hungarian forints ($75.5 million) during the next six months, said the MTU.

In August, the Hungarian government removed the restraint on energy charges, which means that at the moment, companies and institutions need to pay market prices. Electricity prices have doubled and the charge of gas has amplified sevenfold.

On Monday, Csaba Baldauf, the President of the Hungarian Hotel and Restaurant Association, said that 20-25 per cent of Hungary’s hotels intended to provisionally close for the winter because of the increase in energy expenses. (1 Hungarian forint = 0.0025 US dollar)

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