After the financial crisis, Hungary introduced a number of so called „crisis taxes” that impose additional tax burden on specific business sectors other than production and manufacturing. The aim of these taxes is to restore the balance of the state budget and they are expected (with some exception) to be decreased and phased-out once they are no longer necessary to keep the budget deficit below the required level.
The business sectors affected by these taxes are the financial services&insurance, energy, telecommunication, retail and wholesale, media&advertisement sectors.
The affected companies need to plan their tax liability and business forecasts carefully in the changing tax regulatory environment. They need to be prepared that crisis taxes are often introduced quickly without reconciliation with the affected business sectors.
Such crisis taxes affect other tax liabilities and careful interpretation and planning is necessary to optimise them properly. B&T advisors have the appropriate experience, skills and contacts to guide companies through the difficulties caused by such crisis taxes.