Wages in euros: a possible alternative in Hungary?
With rising inflation and a weakening forint, the possibility of using the euro in the Hungarian economy is an increasingly common topic. Understandably, employees would benefit most from getting their wages in euros instead of the ever weakening Hungarian currency. But is it possible in this country?
Since August, corporate tax can be paid not only in forints, but also in euros or US dollars. In what other cases is it possible to pay in foreign currency instead of HUF under the current rules in Hungary? Napi.hu has taken a look at them.
Although it may seem attractive to be paid in euros, this is not possible under the relevant legislation. Your wage must be paid in forints. However, exceptions to this are so-called “managerial employees” and working abroad. Although the law also states that legislation may provide otherwise, there is currently no legislation in force that allows wages to be paid in a currency other than forints in other cases.
- Read also: 20 percent inflation on the way in Hungary
For companies, foreign currency transactions and invoicing may also be a reasonable option, napi.hu adds. This is possible under Hungarian law even in relations between Hungarian companies. “However, when accounting in a foreign currency, it is important to keep in mind the financial rules, such as the VAT law,” warns Torsten Braner, head of the Budapest office of Taylor Wessing.
As things stand at the moment, the average employee in Hungary will not get their monthly wages in a foreign currency anytime soon.
Read alsoBreaking News: Hungarian forint is at an all-time low against both the euro and the dollar
Source: napi.hu, ado.hu
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2 Comments
The consideration of the subject of this article, is “Defeated” before it really could be tabled.
We know the “destruction” on-going of the forint, which has been FACT, playing out, over – the greater part of the past decade.
It was – exposed – VULNERABLE – in the structure of the Hungarian Economy, driven by the Political Ideas and Philosophy of Economic management of Hungary, the course FACTUALLY – we have been taken ON – by this present – Victor Orban led Government.
Hungary – in the cataclysmic – Economic & Financial – MESS we are in, can ill afford, to introduce somewhat “quick fix” solutions into its debilitating sinking Economy.
The needed serious DECISION by – who ever may, in the immediate FUTURE – be in Government in Hungary, and CHANGE is OBVIOUS in its NEED, must, through working with the European Union, find a “win/win” situation, that sees Hungary – its currency go Euro.
This can’t OCCUR – with the European Union, with the present Prime Minister & Fidesz Political Party leader – Victor Orban being the “spokesperson.”
Hungary – never under this present Victor Orban led “dictatorial” Government, that have been identified by the European Union, as NO longer “practicing” – DEMOCRACY, that are Ruling by Decree, can the Orban led Government, table with the European Union, change in Currency of Hungary.
Freedom of Press – Freedom of the Judiciary – the LAW of Membership of the European Union – to be a DEMOCRACY – all these FACTORS and there are “others” the ask and actioning of Victor Orban and his Government, is beyond them.
DEALING in the FUTURE – and time is short, through the capitulation of the Economy of Hungary – with the European Union – must be by representation or a delegation of “others.”
There can’t be, in the interest – the FUTURE of Hungary – NO alignment – connection or involvement – with the Fidesz Political Party – that at present Govern Hungary under their Leader and present Prime Minister of Hungary – Victor Orban.
Hungary – History NEVER Lies.
“An unknown lifeboat is better than a known ship sinking fast by the Stern.”
OR :
” When the Yoke is Broken,
the BURDEN is Removed.”
No great INTELLECTUAL gifts needed to understand and interrupt/understand the ‘MESSAGE” contained in the above (2) two) quotes – and SERIOUS required actioning NEEDED – in Hungary – the CITIZENS of Hungary – what the MESSAGE is saying.
The local employers would never allow it, because they will lose money. Work for foreign companies is FAR more profitable.