Hungary Culture, Politics, and Geography

Located in Central Europe, Hungary is a member state of the European Union. It has a long history starting with occupations by many tribes, eventually resulting in the creation of the Austro-Hungarian Empire, ruling in Europe from the early 18th century until the start of WWI. After both wars, Hungary became a part of the Soviet Union, after whose collapse, resulted in what is now a democratic parliamentary republic.

Hungary is currently a relatively high-income country with universal health care and free university education for its citizens. Their population is estimated at 9.85 million with various ethnic groups represented, such as Hungarian, Romani, German, and others. Languages spoken include Hungarian (official language), German, English, French, Romanian, and Russian.

Hungarian music is famous for both its traditional folk music as well as world renowned composers such as Liszt and Bartók. Traditional dishes such as goulash are well known the world over, as is paprika, a popular spice typical in Hungarian cuisine. Hungary also contains thousands of thermal springs as a result of its geography and people are proud of the more than 400 baths open to the public.

Public Holidays

2021
April 2	Good Friday
April 4	Easter Sunday
April 5	Easter Monday
May 1	Labor Day / May Day
May 24	Whit Monday
August 20	Hungary National Day
October 23	1956 Revolution Memorial Day
November 1	All Saints’ Day
December 25	Christmas Day
December 26	Second Day of Christmas

Legal Entity Types

e.v. (egyéni vállalkozó)
e.c. (egyéni cég)
bt. (betéti társaság)
kkt. (közkereseti társaság)
kft. (korlátolt felelősségű társaság)
kht. (közhasznú társaság)
kv. (közös vállalat)
rt. (részvénytársaság)
Nyrt. (nyilvánosan működő részvénytársaság)
Zrt. (zártkörűen működő részvénytársaság)
szöv. (szövetkezet)
egyesülés

Taxation

Corporate Tax: 9%
Income Tax (Lowest Marginal Rate): 15%
Income Tax (Highest Marginal Rate): 15%
VAT/GST/Sales Tax: 27% (standard rate), 18% (reduced rate), 5% (milk, egg, pork, chicken meat, internet service, restaurant services, medicines and books)

Available Banks

OTP Bank (Commercial Bank)
K&H Bank (Commercial Bank)
Erste Bank (Commercial Bank)
Budapest Bank (Commercial Bank)
CIB Bank (Commercial Bank)
MKB Bank (Commercial Bank)
Raiffeisen Bank (Commercial Bank)
UniCredit Bank (Commercial Bank)
FHB Bank (Commercial Bank)
Pannon Takarék Bank (Commercial Bank)
Sberbank (Commercial Bank)
MagNet Bank (Commercial Bank)
MagNet Bank (Commercial Bank)
AXA Bank (Commercial Bank)
Banif Plus Bank (Commercial Bank)
BNP Paribas (Commercial Bank)
Cetelem Bank (Commercial Bank)
Cofidis (Commercial Bank)
ING Bank (Commercial Bank)
Bank of China (Foreign Bank)
Deutsche Bank (Foreign Bank)
Commerzbank (Foreign Bank)
KDB Bank (Foreign Bank)

Need more information about Hungary?

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