Tax Minimization in Hungary
Tax Minimization in HungaryUpdated on Friday 24th April 2020
Rate this article
based on 1 reviews..
based on 1 reviews..
Tax planning and tax minimization in Hungary
Investors in Hungary can minimize their tax liabilities by using different strategies and using different benefits provided for by law. Tax minimization is different from tax avoidance or tax evasion and uses legal ways to reduce the payable amounts, as opposed to illegal schemes.
Our Hungarian law firm and our partner accountants can help you understand the available tax minimization strategies in this country and can help develop a comprehensive and personalized tax planning scheme for your company.
Ways to minimize taxes in Hungary
Charitable donations can bring certain benefits in terms of reducing the upcoming taxes. Donations are usually made in cash, but companies or individuals can also choose to make other donations for special causes, by offering tangible or intangible assets.
Business owners in Hungary can plan their business expenses so that they can bring forward their deductions in the current fiscal year. Travel expenses, office supplies and various acceptable business expenses, like corporate gifts for employees and business partners or corporate lunches, can be deducted early.
Important contributions to retirement plans or interests paid on investment loans can also bring tax deductions if they are made in advance. A tax planner in Hungary can help you make all the right investments, in due time, so that you may reduce current taxes. In some cases, advertising can also be deducted, even indirect advertising forms.
Taxes in Hungary
Our Hungarian law firm can help you with more than just tax planning. We can offer you in-depth information about the Hungarian taxation system and taxation laws. When you open a company in Hungary you will need to register that company for VAT purposes. It is useful to know that VAT in Hungary is differentiated, according to the types of products commercialized by the company.
Contact our attorneys in Hungary if you want to know more about the legal services we can provide for your company.