Hungary Introducing Additional Economic Protection Measures Amid COVID-19 Pandemic Including One-Time Banking Tax

The Hungarian government has announced a five-point economy protection plan that is being implemented amid the COVID-19 pandemic. With respect to taxation, the main points of the plan include:

• The social contribution tax will be reduced by 2 percentage points from 1 July 2020;
• The deadline for the submission of tax returns has been postponed to 30 September;
• VAT refunds will be accelerated, with a reduction in the time limit in the case of normal taxpayers from 75 days to 30 days, and in t…