Hungary Gazettes Decree Amending Extra-Profit Taxes for Various Industries

The Hungarian Official Gazette May 31 published Government Decree 206/2023, amending extra-profit taxes for various industries. The decree includes measures: 1) introducing a 13 percent tax rate on the credit and financial institutions for tax year 2024 on the part of the tax base not exceeding 20 billion Hungarian forints (US$58 million) and 30 percent on the excess; 2) extending the temporary special tax on pharmaceutical manufacturers to tax year 2024 and reducing tax rates ranging between 0.5 percent and 4 percent for various profits thresholds between 50 billion forints (US$145 million) to 150 million forints (US$435 million) and above; ...