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The deputies approved the Finance Minister’s proposal with 124 votes in favor, 20 against and 32 abstentions.
Based on the decision of the Chamber, the benefit of the personal income tax will be valid as of 2021 as a reducing item of the consolidated tax base.
The turnover limit of the small business tax (kiva) and the value limit for the balance sheet total will increase to HUF 3 billion, according to which the turnover limit for the termination of the tax liability of small businesses will increase to HUF 6 billion.
Salary and private production of pálinka will be tax-free as of January 1, 2021, which Finance Minister Mihály Varga assessed in the presentation as the “victorious conclusion of the Pálinka War of Independence.”
The excise duty on cigarettes and other tobacco products will increase in two stages next year as a result of the relevant EU directives, so that the burden on cigarettes will be at least HUF 39,300 per thousand as of April 1 from 2021.
With the decision of the parliament, he also reacted to the fact that in next year’s budget, the car tax is already due in full to the central budget. In line with this, the Chamber has now installed the power to collect the burden from the previously competent municipalities to the state fiscal authority.
By amending the Corporate Tax Act (Tao), MPs allowed sports organizations to also spend taxpayer support in fighting the coronavirus epidemic.
Cover image source: MTI / Balogh Zoltán
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