Business infrastructureEconomy & Policy

Thousands of new tax breaks for small businesses

Cash registers that do not have a valid license can remain in use, Finance Minister Mihály Varga announced.

The amendment of the Small Business Act is under preparation and will mean further financial and administrative relief for thousands of small businesses. This is particularly important to counter the negative economic effects of the war in Ukraine.

In 2017 and 2018, 86 types of cash registers had their license revoked because manufacturers and distributors had not made the necessary improvements. The rules allowed for several years to prepare for the changeover, with revoked cash registers allowed to be used for five years. However, this rule mostly affected small businesses, for whom the purchase and installation of new cash registers is not only an administrative burden but also a financial one. 

Therefore allowing the continued use of old cash registers is a very important tax relief.

Varga noted that these old-style cash registers also have an online data connection. This means that the tax office can access the transactions carried out on them, which helps in whitening the economy.

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