Hungary to Tax Retailers for Revenue in Fight Against Virus

Hungary will impose a special tax on the retail sector to raise money to fight the coronavirus crisis.

The tax will be 0.1% on annual net sales higher than 500 million Hungarian forint ($1.56 million) and up to 30 billion forint; 0.4% on sales exceeding 30 billion and up to 100 billion forint; and 2.5% on sales exceeding 100 billion forint, according to a decree published Tuesday.

The tax will be in effect from May 1, and is to be paid in monthly installments until the end of the state-declared coronavirus emergency.

Both resident and non-resident retailers must pay the ...