Tax payment in foreign currency: a decision must be made within a few days

Time to decide

“The deadline for corporate tax is void, if it is missed, there is no place to submit a request for verification, the defaulting company will be able to use the option of paying tax in foreign currency in the 2024 tax year at the earliest

– emphasizes Andrea Kocziha, tax consulting partner of Moore Hungary.

“The payment of the local business tax in foreign currency, however, is not subject to prior notification by the relevant government decree.”

Changing the currency of tax payment can be chosen regardless of the currency of bookkeeping, therefore, in addition to businesses that maintain their books in foreign currency, it is also worth considering the application of this option to those businesses that keep their books in HUF, but a significant part of their income flows in foreign currency, or carry out large amounts of foreign currency transactions.