On 29 March 2023, the Hungarian Official Gazette published Government Decree No. 100/2023 amending the provisions on windfall taxes on petroleum products imports from Russia.
Under the decree, a windfall tax has been introduced on the profits of petroleum products. This tax is calculated at a rate of 2.8% on the net sales revenue, which is determined based on the annual report for the 2022 tax year. If the tax year is shorter than 12 months, the tax base should be prorated to account for a full 12-month period.
Taxpayers are required to determine and declare the 2.8% tax by the last day of the fifth month of the 2023 tax year, which is generally 31 May 2023. Additionally, the tax must be paid in three equal installments. The due dates for these installments are the 20th day of the sixth, ninth, and twelfth months of the 2023 tax year, which typically fall on June 20, September 20, and December 20, 2023, respectively.
