Not only the Ultra-Rich Can Pay: Many Family Companies and Heirs Can Also Be Hit by the Wealth Tax
6 Articles
6 Articles
The planned introduction of a 1 percent wealth tax on private assets over HUF 1 billion may pose a serious challenge not primarily due to the tax rate, but rather due to the complexity of its implementation. According to KPMG experts, the key to success is the precise definition and control of the tax base, which is an extremely complex task. The regulation may affect a wider group than expected, while the administrative burden, valuation disput…
An annual 1 percent tax could be imposed on private assets over 1 billion forints in Hungary, and the upcoming regulation could extend to real estate, company shares and other valuable assets in addition to financial investments. In her opinion piece, Andrea Szűcs, head of KPMG's private taxation practice, examines how the value of a family business, a property, an artwork or even a vintage car could be uniformly assessed and verified, and wheth…
Wealth tax may first come to mind billionaires in the ordinary sense, although in reality the range of those affected may be much wider. The planned introduction of a 1 percent annual wealth tax on private property exceeding HUF 1 billion raises questions not because of the tax rate, but because it is an extremely complex task to determine what constitutes property, how it should be valued and how tax payments can be controlled. According to exp…
In addition, the proposed SARC may indirectly affect cultural, educational or civic initiatives in which private donations play a significant role today.
Plans for a wealth tax could fundamentally change the tax environment for wealthy individuals in Hungary. According to current plans, the tax would not only apply to financial savings but also to real estate, shares in businesses, vehicles, as well as works of art, jewelry, collections and other valuable assets. The real issue is not the level of the tax rate, but the definition of the tax base.
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