Coronavirus pandemic related measures & economic steps in Hungary
In Hungary the Government declared an emergency situation, meaning that all indoor gatherings of more than 100 people and outdoor mass gatherings of more than 500 people should be cancelled, furthermore all schools are closed and all shops caffe's and restaurants will have to be closed at 3pm food stores, chemists and pharmacies are the only exceptions. Due to the coronavirus epidemic, Hungary’s borders are being closed down to passenger traffic; the relevant international consultations are currently under way.
Most of the companies made their plans for responding Coronavirus pandemic. Employees are asked to work in home offices.
The Government continues working on plans helping suppressing the spread of the virus and also working on the necessary steps corresponding the special situation. At the time being there is no proposal for postponing tax returning obligations or postponing the deadline for statutory reporting, however there were economic related steps to be implemented.
The principal and interest payment liabilities on loans taken out by private individuals and businesses up to the present day have been suspended up to the end of the year. Additionally, in sectors already struggling with grave difficulties such as tourism, catering, the entertainment industry, sports, cultural services and passenger transportation they are cancelling the contribution payment liabilities of employers in their entirety for a period extending to 30 June. At the same time, the contributions of employees are being reduced significantly; they will not be required to pay pension contributions and the health insurance contribution will be reduced to the statutory minimum. In these sectors, the termination of rental agreements and the raising of rentals will not be allowed. The tourism development contribution are also cancelled until 30 June.
The first and most urgent decisions now adopted will be followed by others. Almost every day, further and further meaures will be implemented with a view to restarting the economy.
Ecovis Hungary team is working (mostly remotely) and be able to meet the statutory deadlines, and able to help their clients in any tax and accounting related issue. Our technological capability enables everyone in our team to work seamlessly from remote locations. During this period, we will be available as always.