16
Mon, May
73 New Articles

Wage Subsidy Extended for COVID Second Wave in Hungary

Wage Subsidy Extended for COVID Second Wave in Hungary

Hungary
Tools
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

Protecting workplaces and businesses is still of foremost importance amidst fighting the second wave of COVID-19. In order to so, Hungary, like most of other developed countries, adopted wage subsidies to encourage employers not to lay off their workers.

In sectors most effected by the second wave of COVID-19 (hospitality, sport, museums and cinemas, etc.) employers have been exempted from payment of social contribution (15.5%), vocational training contribution (1.5%) and rehabilitation contribution for November 2020. Due to the quarantine restrictions being upheld, the tax exemption is prolonged to periods December 2020 and January 2021, for now. Furthermore, the tax exemption is extended to the tourism sector, including hotels, camp sites, travel agencies and passenger transportation.

Companies that have already applied for the exemption previously will be automatically eligible for the extended periods as well, while ‘new joiners’ should request the subsidy via the government office.

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