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          • The key to success is a partner with comprehensive knowledge and many years of experience. Our ambition is to serve dynamic organizations and we understand ourselves as specialists for the Central European region.

            Being a member firm of Grant Thornton enables us to represent the interests of our clients even outside of Central Europe. We think that the key to success is to have partners with comprehensive knowledge and many years of experience.

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            Over the past years, Grant Thornton has built a strong position on the Hungarian market as a provider accounting, payroll, valuation and Corporate Finance services.

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NewsTHE GOVERNMENT’S MEASURES TO COUNTER THE ECONOMIC EFFECTS OF THE CORONAVIRUS PANDEMIC

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THE GOVERNMENT’S MEASURES TO COUNTER THE ECONOMIC EFFECTS OF THE CORONAVIRUS PANDEMIC

2020. March 23., Monday

On Wednesday 18 March 2020 the Hungarian Government announced a package of immediate measures aimed at protecting the national economy from the negative economic effects of the coronavirus pandemic. The measures comprise the below, most urgent decisions:

1. Deferment of all loan payments (capital installments, interest and fees) for individuals and companies until the end of 2020 under any credit, loan and finance leasing contracts concluded before 24:00 hrs of 18 March 2020. The Government may prolong this moratorium later on if necessary. The debtors may, however, opt for adhering to the original contract arrangements;

2. Any credit or loan or finance leasing contracts in force at 24:00 hrs of 18 March 2020 that mature during the emergency period are automatically prolonged until 31 December 2020;

3. The APRs (annual percentage rates) of any new consumer loans taken out starting from 19 March 2020, shall be capped at the Central Bank’s base rate plus 5% maximum (currently 5.9%);

4. The Government undertakes the following measures for the period from 1 March to 30 June 2020 with regard to the sectors most affected by coronavirus, namely tourism, hospitality, entertainment, gambling, film industry, performance art, event-management, sporting services;

  • employers are exempted from paying social contributions on employees’ payroll;
  • employee contributions will comprise health insurance contributions only (4%) and are capped at HUF 7,710 per month;
  • rental contracts cannot be terminated, and rental fees cannot be increased. The Government may prolong this termination and fee increase moratorium later on if necessary;
  • those liable to tourism development contribution will be exempted from paying it for the above-mentioned period.

5. The private entrepreneur taxi drivers who have opted for the Fixed-rate Tax of Small Taxpayer Enterprises (KATA) will be exempted from paying the KATA tax for the period from 1 March to 30 June 2020;

6. New regulations are implemented with the aim of making employment laws more flexible, including the employers’ right to unilaterally impose working from home office (with some exceptions applicable to collective labour agreements).

The Government Decree was published on 18 March 2020. The above, most urgent measures are expected to be followed by new provisions.
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