SZJA bevallás

2016 changes in administration

As the new year begun we summarize what taxation changes took place from 1 January.
Minimum wages
According to the latest government decisions the minimum monthly salary for 2016 will increase to HUF 111.000, for higher educated employees will increase to HUF 129.000. First payment will become due after January salaries.

VAT: new date of supply rules for periodically supplied transactions
From 1 January 2016, the date of supply of periodically supplied transactions (e.g. rental, various monthly, quarterly or annual fees, periodic monthly invoice) will not be determined based on the due date of payment (as before).
Under the new main rule, the last day of the period will be the date of supply.

The VAT act exempts two cases from this main rule:
If both the due date of payment and the date of the invoice or receipt issued on the settlement are before the last day of the settlement period, the date of supply of the transaction will be the date of issuing of the invoice or receipt.
If the due date of payment is after the last day of the settlement period, the date of supply will be the due date of payment. However, if the due date of payment falls more than 60 days after the last date of the period (and not 30 days as proposed before), then the tax date will be the 60th day following the last day of the period (and not the 30th day as proposed before).

In practical terms there will be three cases typically:
a) invoiced upfront (ie. invoiced with the payment deadline before the end of the period and invoiced before that date) – tax point is the date of the issue of invoice
b) invoiced with less than 60 days payment term (from the last day of the period) – tax point is the due date of the payment, in essence no change to 2015 rules
c) invoiced with 60 or more days payment term (from the last day of the period) – tax point is the 60th day from the end of the period

Personal income tax
The general rate of the personal income tax is reduced to 15% in 2016 (from the rate of 16% in 2015)

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