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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

KCG Partners at a Glance

KCG Partners is a Hungarian business law firm providing a comprehensive range of legal services to international and local clients seeking local knowledge and global perspective. The firm comprises business-minded lawyers with sector-specific expertise, creating value for clients by applying a problem-solving approach and delivering innovative solutions.

The firm has a wealth of knowledge in corporate law, M&A, projects and construction, energy, real estate, tax, employment, litigation, privacy and forensics, securitization, estate planning and capital markets.

To address clients’ regional and international concerns, the firm maintains active working relationships with other outstanding independent law firms in Central and Eastern Europe, whilst senior counsel Mr. Blaise Pásztory brings over 40 years’ of US capital market and fund management experience.

KCG Partners Law Firm is the result of the teamwork of passionate and talented lawyers guided by the same principles and sharing the same values: 

  • Our most valuable asset is our people. They are the engine of our business and the key to our success.
  • We push boundaries by looking for innovative solutions that can empower our clients to achieve greater results.
  • We place our experience, commitment and professionalism to your service.
  • We are driven by our vision to shape and lead the Hungarian legal market and become a first choice law firm in our practice areas.

Firm's website: http://www.kcgpartners.com