Hungary: Limitation on cash payments

As of 1 January 2013 the companies that are obliged to open a bank account are allowed to cash out a maximum of HUF 1.5 million in the course of a calendar month in consideration of the supply of goods or services provided based on a single contract. (The amount is considered to include VAT).
In order to prevent the abuse, the new provisions also prescribe that multiple contracts will be considered as pertaining to one single contractual cash payment if it can be undoubtedly argued that the contracts have been concluded only with the aim to avoid the set limitation.
However, since the act only provides framework rules and the practice of the tax authority is yet unknown, certainty could only be obtained through non-binding rulings tailored to specific cases. The penalty arising from the incorrect practice of the provisions is 20% percent of the amount exceeding HUF 1.5 million for both the payer and the recipient.


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