Hungarian Parliament Adopts Tax Cuts, Slashing Rate on Crypto

Hungary will cut in half its taxation of cryptocurrency incomes from 2022 and continue cutting payroll taxes for employers under a bill adopted Tuesday by Parliament.

The bill—approved on a 120-60 vote—also simplifies tax rules for sole proprietorships, allows energy producers to use tax losses to offset pretax profits for up to five years, and exempts venture capital fund managers, as well as stock and commodity exchange operators, from the special tax on financial institutions.

• As of Jan. 1, 2022, the capital gains taxes paid from cryptocurrency transactions will be reduced to 15%, from 30.5%.
• Overall employers’ payroll taxes, ...