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The change will bring relief not only to some 600,000 companies and organizations, but also to tens of thousands of accountants and auditors. The government also wants to help companies struggling due to the epidemic and protect jobs, the secretary of state stressed.
The government has simplified the rules for holding board meetings of companies and organizations in emergencies by allowing the use of electronic devices. However, the preparation of annual reports still represents a significant administrative burden, their preparation and approval, and consultation with accountants and auditors has become significantly more complicated due to the coronavirus epidemic. Therefore, the government decided to postpone the deadline until the end of September, Norbert Izer said.
In addition to the health aspects, the practical impact of the measure is also significant and provides a large amount of financial assistance to companies. In total, according to the calculations of the Ministry of Finance, 2000 million HUF will remain four months longer than those affected, summarized the Secretary of State.
The tax relief rule is extremely simple, said Norbert Izer. It is sufficient to send the report and the corresponding declarations before September 30. In addition to the five types of declarations, it is sufficient to present the documentation of the transfer price at the end of September. The postponement of the deadline also applies, of course, to the subsequent payment of the five types of taxes. That is, companies must pay corporate tax, small business tax, innovation tax, energy supplier income tax, and local business tax to state coffers before 30 September, said the secretary of state.
The favorable rules also apply to taxpayers with different business years if their obligation to publish the report expires between April 22 and September 30. The deadline for preparing the report is April 30 and May 31 for so-called public interest entities, that is, listed companies, banks, insurance companies and investment companies, but it is sufficient that they file the declaration before September 30, or pay the tax.
At the same time, according to his calculations, it is worth 40,000 companies receiving a corporate tax refund to file their tax returns as soon as possible, the Secretary of State noted, noting that last year 44,000 companies claimed a total of HUF 73 billion in corporate taxes.
The rule for allocating the amount of the return has not changed, it will be issued by the tax office within thirty days from the date of receipt of the return, but not before the original due date. Therefore, if a company that claims the corporate tax files its return on May 31, the amount of the legally claimed tax will be credited to their bank account before June 30. If the tax office receives the tax return after that, the 30-day period is calculated from the date of receipt, the Secretary of State explained.
Therefore, the postponement nullifies any legal disadvantage, stressed Norbert Izer. Therefore, until September 30, the tax authority cannot impose fines for noncompliance or late fees, the Secretary of State detailed the additional benefits of the measure.
Cover image: Shutterstock
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