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Govt gives payroll tax breaks to farm, food companies

MTI-Hungary Today 2020.04.14.

Hungary’s government is giving payroll tax breaks to companies in the farm and food sectors hit by measures to contain the spread of the novel coronavirus, Agriculture Minister István Nagy said at a daily press briefing of the body coordinating Hungary’s response to the pandemic on Tuesday.

Companies in the ornamental plants business and hunting, as well as producers of wine, spirits made from local fruit and craft beer will be exempt from payroll tax with the exception of the 4 percent health insurance contribution, which will be capped at 7,710 forints (EUR 22), Nagy said.

The government has also decided to double the limit on state-subsidised Szechenyi revolving credit farmers take out to 200 million forints, while increasing the subsidy for interest and fees to 100 percent, he added.

Featured photo illustration by György Varga/MTI