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Hungarian Tax Authority Prepares Drafts Personal Income Tax Returns

Hungarian Tax Authority Prepares Drafts Personal Income Tax Returns

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The Hungarian tax authority prepares the personal income tax returns for everyone it has employer information about, whether they are employees, primary producers, private individuals liable for the payment of VAT or individual entrepreneurs.

The Hungarian tax authority draws attention to the fact that individual entrepreneurs – except for the part-time individual entrepreneurs taxing on fixed-rate tax of low tax-bracket enterprises (KIVA) or on simplified entrepreneurial taxation (EVA) –, primary producers and private individuals liable for VAT payments are obliged to submit their personal income tax declarations independently. However, the drafts prepared by the tax authority, which are based on the information provided by the employer or the taxpayer, facilitate the preparation of their tax returns as well. The draft returns will be available on the tax authority’s website and the governmental portal from 15 March 2020.

The individual entrepreneurs, primary producers, private individuals liable for VAT payments can submit their returns after completing and saving their return with the non-payer employer, payer employer, entrepreneurial and primary producer income information. The unified deadline for filing the tax return is 20 May for everyone.

By Balint Zsoldos, Head of Tax, KCG Partners Law Firm

Hungary Knowledge Partner

Nagy és Trócsányi was founded in 1991, turned into limited professional partnership (in Hungarian: ügyvédi iroda) in 1992, with the aim of offering sophisticated legal services. The firm continues to seek excellence in a comprehensive and modern practice, which spans international commercial and business law. 

The firm’s lawyers provide clients with advice and representation in an active, thoughtful and ethical manner, with a real understanding of clients‘ business needs and the markets in which they operate.

The firm is one of the largest home-grown independent law firms in Hungary. Currently Nagy és Trócsányi has 26 lawyers out of which there are 8 active partners. All partners are equity partners.

Nagy és Trócsányi is a legal entity and registered with the Budapest Bar Association. All lawyers of the Budapest office are either members of, or registered as clerks with, the Budapest Bar Association. Several of the firm’s lawyers are admitted attorneys or registered as legal consultants in New York.

The firm advises a broad range of clients, including numerous multinational corporations. 

Our activity focuses on the following practice areas: M&A, company law, litigation and dispute resolution, real estate law, banking and finance, project financing, insolvency and restructuring, venture capital investment, taxation, competition, utilities, energy, media and telecommunication.

Nagy és Trócsányi is the exclusive member firm in Hungary for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+countries worldwide.

The firm advises a broad range of clients, including numerous multinational corporations. Among our key clients are: OTP Bank, Sberbank, Erste Bank, Scania, KS ORKA, Mannvit, DAF Trucks, Booking.com, Museum of Fine Arts of Budapest, Hungarian Post Pte Ltd, Hiventures, Strabag, CPI Hungary, Givaudan, Marks & Spencer, CBA.

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