Hungary Amends Insurance Premium Tax for Smaller Insurers

Hungary published Government Decree 52/2024 in the Official Gazette on 4 March 2024. The decree includes amendments regarding the insurance premium tax (IPT), which includes rates of 15% for comprehensive car insurance and 10% for property and casualty insurance. For smaller insurers, progressive rates are applied based on the standard IPT rate considering the taxable revenue in the monthly reporting period, which has been amended by the Decree as follows:

• 25% of the standard IPT for taxabl…