This is true for individuals and businesses, and even for foreigners if they get income in Hungary. The obligation imposed on individuals is personal income tax, and even private companies can apply personal income tax rules, the number of which is "almost infinite" and it is in our good interest to keep them in mind.
First of all, it is important to note that all individuals' income is taxable. Of course, there is a tax exemption or tax relief, but these are legislated by special rules. Taxes are calculated every calendar year, so it is advisable to prepare for tax returns at the end of each year, but you should pay attention to the fact that you have to pay a tax advance during the year too.
The income itself is the difference between revenue and actual costs. For individuals, the deadline for the personal income tax return is 22 May this year. An individual with a foreign authority can declare a declaration of discharge from the postponement until April 30, this year.
As of January 1, 2018, tax returns are made by the tax authorities to the taxpayer, which can be requested for dispatch or online viewing. You can then accept or modify it by the deadline mentioned above.
Since taxation in Hungary may seem complicated in many respects, it is also worthwhile to seek professional help, whether you turn to an accountant or a tax advisor. They help find the rules that apply on you and show you how to fulfill your obligations.
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