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Hungarian Parliament Considered Further COVID-19 Relief Including Increased Threshold for Small Enterprise Tax (KIVA)

The Hungarian Ministry of Finance has announced the submission of a draft bill in parliament on 13 October 2020 that includes measures for additional relief for businesses in light of the COVID-19 pandemic. One of the main measures concerns the small enterprise tax (KIVA). In addition to the KIVA rate being reduced from 12% to 11% in 2021, the draft bill provides that the threshold to opt for the KIVA is increased from revenue of HUF 1 billion to HUF 3 billion and the exit threshold for losing KIVA status from the following quarter is increased from revenue of HUF 3 billion to HUF 6 billion.

The draft bill also provides measures to reduce administrative burdens, including pre-filling of VAT returns and the extension of the half-year mentoring assistance period for start-ups to one year. Installment payment relief is also provided, which allows taxpayers with tax debts up to HUF 1 million and taxpayers classified as reliable to enter into agreements for the payment of tax debts in 12 monthly installments.

Lastly, the draft bill provides for the elimination of the HUF 10 billion ceiling on company development tax reserves in 2021. The allowed development tax reserve was recently increased from 50% of pre-tax profits to 100% as part of the 2021 budget, subject to a HUF 10 billion ceiling.

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