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Tartalomjegyzék:
1. How much initial capital does one need to start a business in Hungary?
2. What are the costs involved in starting a business?
3. What are the costs of modifying a Founding Charter?
4. How much does each and every employee cost the enterprise?
5. What kind of taxes does an enterprise have to pay?
6. When do the different types of taxes and advance taxes have to be paid?
7. What expenses can be deducted by an enterprise?
8. What is double-entry bookkeeping?
9. What is a Balance Sheet?
10. What is a Cash Flow Statement good for?
11. Which form of business organisation has more advantages?
12. Which shall I choose? Companies or individual entrepreneurs?
Válaszok:
1. How much initial capital does one need to start a business in Hungary?
The Hungarian Act on Business Enterprises stipulates the minimum required capital for
Részvénytársaság (Public Limited Companies) as HUF 5 and 20 m
Korlátolt felelosségu társaság (Private Limited Companies) as HUF 500,000
Betéti társaság (Limited Partnerships) no minimum capital required
Közkereseti társaság (General Partnerships) no minimum capital required
2. What are the costs involved in starting a business?
In addition to the initial capital, charges include legal expenses (paid to the lawyer drawing up or countersigning the Founding Charter) and the cost of the public announcement in the official Enterprise Gazette.
3. What are the costs of modifying a Founding Charter?
The terms and conditions set down in the Founding Charter can change or be changed any time. The changes have to be put in writing, countersigned by a lawyer and submitted to the Registrar of Companies to be publicly announced. The costs incurred here are the lawyer’s fees and the announcement costs.
4. How much does each and every employee cost the enterprise?
An enterprise may employ any number of employees. On the first day of their employment, employees sign a Labour Contract with the firm; and the firm reports this to the Tax Authority.
In the year 2010, the wage costs of one employee as a percentage of the contractual gross wage were as follows:
Social security contribution 27 %
Trade training contribution 1,5 %
Rehabilitation contribution (above 20 empolyees)
Private pension fund contributions (optional for the employer)
5. What kind of taxes does an enterprise have to pay?
Depending on the nature of the activity, the geographical location of the headquarters and the premises of the enterprise, the following taxes have to be paid:
VAT, if the sales revenue exceeds HUF 5 m
Corporate Income Tax @ 19 % of profits
Withholding Tax @ 25 % of dividends received in form of Personal Income Tax, and percentage health contribution @ 14 %
Consumption Tax
Excise Tax
Gambling Tax
Local Taxes
- Building Tax, Land Tax
- Community Tax
- Business Tax
- Tourism Tax
- Vehicle Tax
6. When do the different types of taxes and advance taxes have to be paid?
Advance taxes have to be paid for all types of taxes. Depending on their size, they are due monthly or quarterly by the following 12th or 20th day, respectively. Advance local taxes have to be paid by March 15 and September 15 of the current year.
7. What expenses can be deducted by an enterprise?
All the costs incurred in the interest of the business activity can be deducted. Most often these costs are purchases of materials and goods, rent, wages and salaries and their additional expenses, bonuses, rewards, energy costs, utilities, research and development charges; maintenance and transport costs; depreciation of capital goods, etc.
8. What is double-entry bookkeeping?
It is a form of bookkeeping used by companies, where every transaction (be it a purchase, a sale, a transfer of money, buying securities etc.) is recorded in the books at two places, in two accounts.
9. What is a Balance Sheet?
It is the most important financial statement of a company, it is something like an inventory or assets. It lists all the assets and liabilities of a business. It gives an answer to the question “What have I got and how can I finance it ?” It shwos the indebtedness of a business, its capital adequacy or its excess capital. For financial investors its crucial to be able to analyse a balance sheet.
10. What is a Cash Flow Statement good for?
It shows changes in an enterprise’s flow of cash, showing the total amount of cash coming in and going out. In Hungary, it is a part of the Annual Report. More information is provided at Business Plans – Liquidity Plans.
11. Which form of business organisation has more advantages?
When we want to decide what form of business organisation we want to choose, the most important thing to consider is the size of the initial capital. Another important factor is the number of members and the relationship betwween them. A third factor can be the deductibility of costs. For taxation purposes, there is no difference between the various forms of business, the only exception being individual entrepreneurs whose cost deduction opportunities are different from those of other businesses.
12. Which shall I choose? Companies or individual entrepreneurs?
Cost deduction methods are very different for individual entrepreneurs and companies. There are differences in the required accounting methods as well.
We would be glad to answer any question you may want to ask at derykft@hu.inter.net
Új kérdés
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