Hungary: Immigration Bulletin – Higher Health Insurance Fees Confirmed for 2012
Taxes increase for private persons and entrepreneurs
On December 21, the Hungarian parliament passed a new tax law for 2012 which will take effect from January first. Changes include a one percent increase in the compulsory health insurance contribution that individuals have to pay in order to be covered by the national social security system. This means that instead of a monthly 5,100 forints, effective January 6,390 forints (approximately 27 US dollars) per month will have to be paid in order to receive medical treatment free of charge.
An employer’s part of an employees’ social security contributions remains unchanged at 27%, but the charge has been re-classified as a social contribution tax.
The 2012 tax package introduces numerous other provisions affecting personal income tax, company car tax, corporation tax, as well as public health tax on products. The most important change is considered to be the increase of VAT from 25% to 27%, making it the highest in the European Union.
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