Hungary Parliament Considers Amendments to Various Tax Laws

The Hungarian Parliament Oct. 15 accepted for consideration Bill No. T/9724, to amend specific tax laws. The bill includes measures to: 1) increase the family tax allowance starting July 1, 2025, to 15,000 Hungarian forints (US$39) for one child, 30,000 forints (US$79) for two children, and 49,500 forints (US$130) per child for three or more dependents; 2) update the list of participating jurisdictions for the automatic exchange of information (AEOI) on country-by-country (CbC) reports; 3) increase the annual flat-rate tax for small-scale accommodation service providers to 150,000 forints (US$393) per residential room, effective Jan. 1, 2025; 4) clarify the taxation ...