Avoid the Transaction Tax

The government will introduce a transaction tax next year, which initially expected revenues of over $ 300 billion, then refined to below $ 200 billion. (To compare to this, total corporate tax revenue will be around $ 380 billion this year.)

The tax is applied to bank transfers, 0.2% for each transaction, up to HUF 6,000. As most of the turnover comes from corporate payments, they will also be hit hardest by the tax.

At least according to the inventors of the law

However, medium and large companies are already preparing non-public account packages so that they can trade with each other abroad. As the new Hungarian credit transfer system is already an EU standard, nothing prevents foreign banks from accessing the Hungarian credit transfer system.

But what about small businesses? A wholesaler with a 10% profit margin can refer suppliers to hundreds of millions of items a month, so the new tax will cost him $ 200,000 a month.

I have already written that euro transfers must be made via Slovakia via the Internet, as this will save you hundreds of thousands in bank charges per year. Be sure to read the article because you will need it right now.

The deposit is a bit expensive

For Hungary, 0.4%, minimum 10, maximum 40 euros, hopefully this will be refined in case of mass demand. (By comparison, this is now 0.16% at the big Hungarian bank, no upper limit, this is expected to be 0.36% next year due to the tax. We hope Slovak banks will go below that, so even a transfer to Hungary will be cheaper, as it is a transfer between two banks at home. It is important to note that Hungarian bank transfers are usually subject to payment, for example 0.11% at K&H, up to HUF 2,500)

Transfer between two Forint accounts free of charge

Transfer to Hungarian account 0.2% (this will be the tax only next year), minimum 15 Euro. Monthly account management fee 2 × 4 Euro (also open an invoice unfortunately), population 2 × 0.8 Euros Unfortunately, they cannot give a bank card to the HUF account, only to the lei. like the Slovak option, the disadvantage is that there is no forint bank account.)

In summary, if you manage to persuade your partners to open an account in Slovakia as well, you will make transfers between them for 20 cents (60 forints), and you will have the same money to withdraw, and you will pay more in Hungary. So even with less monthly traffic, it is worthwhile to ask partners to open a Slovak account.

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