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Hungarian parliament amends advertisement tax law

Hungarian parliament amends advertisement tax law

Budapest, May 16 (MTI) – Parliament on Tuesday passed a law amendment setting the rate of advertisement tax at 7.5 percent from the second half of 2017.

The levy will apply to companies with revenue exceeding a net amount of 100 million forints (EUR 320,000) from July 1, 2017.

The bill submitted by the economy minister was passed with 117 votes in favour and 58 against.

Hungary introduced the graduated tax, with rates ranging from 0 percent to 50 percent, in June 2014. The European Commission launched an in-depth investigation into the matter in March 2015 and asked Hungary to suspend application of the tax. The commission in a resolution dated November 4, 2016, found the tax incompatible with European Union rules and ordered Hungary to recover taxes from companies that enjoyed an unfair advantage. The government appealed the decision and turned to the European Court of Justice to seek legal remedy.

Source: MTI

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