Hungary Parliament Considers Bill to Amend Specific Tax Laws

The Hungarian Parliament Oct. 18 accepted for consideration Bill No. T/1614, to amend specific tax laws. The bill includes measures to: 1) introduce new requirements for the publication of public Country-by-Country (CbC) reports, from financial years starting on or after June 22, 2024; 2) introduce new rules for the simplified calculation of the local business tax base for qualifying small businesses; 3) extend the application of the 5 percent reduced VAT rate on the sale of new residential property to Dec. 31, 2024, with further extension to Dec. 31, 2028, if the building permit was finalized by Dec. 31, 2024; ...