May 20th, Friday is the deadline for the submission of 2015 annual personal income tax return in Hungary.
Do I have to pay tax in Hungary?
Personal income tax has to be paid after your income of letting your Budapest property.
Hungary has a signed agreement with 82 countries in regards of the avoidance of double taxation. Under this agreement, the 16% income tax after the income of renting-out should only be paid in Hungary.
If the rate differs between countries, than you might have to pay the difference at your home country, but this information should be requested from the local tax office.
Paying the full amount in your country does not release you from the responsibility of tax liabilities in Hungary.
Should you need more information about paying tax in Hungary read our article.
Do you have a reliable accountant?
If you do, the only job you have is to send the invoices and documents needed for preparation.
If you don’t, our committed accountants are ready to prepare your tax return documents and inform you in regards of the amount of tax that should be paid.
Our accountant is a huge help in three areas:
· They save you time and money
· They fill out your tax return form correctly
· They help you minimize the payable tax by using the right method -in some cases it may be even zero
New tax on holiday rentals?
An owner is allowed to rent maximum 3 flats through Airbnb according to the draft law.
The proposal affecting the Airbnb market as well plans to put an annual flat tax of HUF 1,500 per square meter on homes rented via Airbnb.
