Hungary: Tax Amnesty ending after 31 December 2012

According to information given by the Hungarian Ministry of National Economy, there are no plans to extend the possibility of the tax amnesty. Therefore, after 31 December 2012 a taxpayer will not be able to fulfill his tax obligations under favourable conditions avoiding sanctions on previously untaxed income.

Favourable tax treatment is available in the following three cases: when an individual’s money is transferred from a foreign bank account to Hungary, when a Hungarian company which is/was under the ownership of an offshore company is nationalized or when the ownership of Hungarian real estate, vehicle or shares is acquired within a transfer for consideration.

The tax amnesty rules could apply for amounts held in the bank account of a foreign company, if the money was available in the foreign bank account up until 30 April 2011. In this case by paying a 10% tax and transferring the amount to the appointed Hungarian credit institution, the individual fulfils its tax obligations and would be exempted from any tax sanction and the criminal and financial responsibilities relating to this income. 


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