Hungary: A Comprehensive Overview
Introduction
Hungary, officially known as the Republic of Hungary, is a landlocked country in Central Europe. It is bordered by Slovakia to the north, Ukraine to the northeast, Romania to the east, Serbia to the south, Croatia to the southwest, Slovenia to the west, and Austria to the northwest. Hungary covers an area of 93,030 square kilometers (36,000 square miles) and has a population of approximately 9.7 million people. The capital and largest city is Budapest, with a population of over 1.7 million.
Hungary has a rich and complex history, dating back to the 9th century when it was founded by the Magyar tribes. Over the centuries, Hungary has been ruled by various empires, including the Ottoman Empire and the Austro-Hungarian Empire. Hungary gained independence in 1918 after the collapse of the Austro-Hungarian Empire. The country was a member of the Axis powers during World War II and became a communist state after the war. Hungary joined the European Union in 2004.
Recent Economic Developments
Hungary's economy has been growing steadily in recent years. In 2022, the GDP grew by 4.6%, and it is expected to grow by 3.5% in 2023. The country's main industries include manufacturing, agriculture, and tourism. Hungary is also a major exporter of pharmaceuticals and machinery.
One of the most significant recent economic developments in Hungary is the government's decision to reduce the corporate tax rate from 9% to 5%. This is one of the lowest corporate tax rates in the European Union. The government hopes that this will make Hungary more attractive to foreign investors.
Tax Law Changes
The Hungarian government has made several changes to the tax law in recent years. These changes include:
- The introduction of a new personal income tax rate of 15%.
- The reduction of the corporate tax rate from 9% to 5%.
- The elimination of the inheritance tax.
- The introduction of a new tax on digital services.
These changes are designed to make Hungary's tax system more competitive and to attract foreign investment.
Conclusion
Hungary is a country with a rich history and a growing economy. The government's recent tax law changes are designed to make Hungary more attractive to foreign investors. Hungary is a good place to do business, and it is a great place to live.
If you are interested in learning more about Hungary, please visit the following websites:
If you are interested in doing business in Hungary, please contact the Hungarian Embassy or Consulate in your country.
