New Law on Business Associations
New Law on Business Associations
The new Law on Business Associations has been accepted by the Hungarian Parliament and is going to come into force from 1 July 2006. According to the new regulations several procedures (registration, member’s meeting) can be arranged in electronic form. The setting up process of new companies will be much easier in certain cases, while some old business forms will be cancelled.
Personal income tax declaration
Please mind that the deadline of submittion and payment of personal income tax returns is 20 May 2006. Similar to the last few years, also this year you can offer 1% of your total tax liabilty as a donation to a church or a preferred budget goal (saving forests, contribution to sport, crime protection, etc). Further 1% can be given to a registered non-profit organisation.
Employees of foreign companies working in Hungary may also have tax liability in Hungary according to the double tax treaties. We are ready to assist you in preparation of your personal income tax returns.
According to the publications of the Hungarian Central Statistic Office the inflation rate was 2.3% in March 2006 compared to the same period of the last year. Experts forcast some increase in the following months because of rising fuel prices.
Avarage unemployment rate was 7.7% in the period January-March 2006 which is still lower than the avarage of the 25 EU countries which is 8.5%.
Growth of industrial production reached 11.6% in February which is a much higher figure than the avarage 7.3% of 2005.