Firms to have option of paying taxes in euros, US dollars in Hungary

The government has decided to give companies operating in Hungary the option of paying their corporate and business taxes in forints, euros or US dollars, the finance minister said on Saturday.

The new regulation could help streamline tax administration for businesses that generate some or all of their revenues in foreign currency, Mihály Varga said on Facebook.

The option of paying taxes in euros or dollars will be available to all companies, the minister said. While the change will reduce administrative burdens, tax revenues will keep flowing into the treasury, and the budget balance will remain stable, Varga said.