Hungarian Parliament approves 2011 tax bill
MPs passed approved the bill with a vote of 259 ayes, 104 nays and one abstention. The bill also halves the amount of contributions in the tax base from 2012 and eliminates the amount from 2013. The bill raises the rate for pension contributions from 9,5pc to 10pc. It raises the revenue threshold for companies that may avail of a preferential 10pc corporate tax to HUF 500m from January 1. The rate is to apply to all companies from 2013. Parliament asked the President to sign the bill into law with urgency.
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