Tax News - Personal Income Tax

The tax package elevates the rules previously introduced via government decree to the level of legislation with unchanged content regarding the benefit of mothers under 30 years, and the additional family tax benefit for those dependents who are with long-term illness or are severely disabled.

Likewise, the rule that raises the amount of cost reimbursement for going to work by one’s own car from HUF 15 to HUF 30 per kilometer is elevated from government decree to legislation.

In case of the SZÉP card the benefit is elevated to the level of legislation that employers may provide their employees between 1 August and 31 December 2023 with a one-time additional allowance up to a maximum of HUF 200,000 as a non-wage benefit, which is not included in the yearly recreation amount and there is no need to calculate it proportionately for the tax year.

If the income which is falls into the category of other income based on the Act on personal income tax is provided by a disburser entity, then the tax shall be determined by the disburser in line with the Act on the rules of taxation on a monthly basis and reports and pays it until the 12th day of the following month, unless the disburser is not obliged to determine the tax advance.

In case of income from crypto transactions the losses may be considered in the person’s tax return even if the person had no revenues from crypto transactions in the given year.