Budapest the new italian economic Capital? It looks like this, seeing the latest data confirming the exponencial number of Italian businesses operating in Hungary: one business per day.
Restaurants and bars are giving way to small, medium and large factories under Italian guidance (about 1800 businesses).
In the aegen country there are more than 2800 Italian businesses, 62% of which are based in Budapest .
For Years, Hungary has been pursuing paths contrary to Community policies.
First Minister Viktor Orbán, leader of the Fidesz (Hungarian Civic Union), has made himself the spokesman and supporter of parliamentary laws that have created a system of parallel and governmental courts and a „labor reform called slavery law.”
Two very controversial laws that have sparked criticism throught Europe and protests from the population.
There are 2,800 Italian companies in the Aegean country, 62% of which are based in Budapest.
But is the work law futher the advantageous tax cuts that perhaps motivated Italian entrepreneurs more to move to the country.
In 2010 Italian businesses in Hungary were growing at a rate of 10 or 15 per month, in 2018 one per day.
The corporate income tax, indeed, amounts to 9%. Impressive if compared to Italian.
Added to this is a local tax which is an almost exact copy of Irap, equal to 2%, and an income tax of 15%.
The tax system focuses on a single tax rate.
All, in a nutshell, pay 9%, whether they are micro entrepreneurs or giants.
The same applies to the Irpef. The corporate income tax in Hungary is in fact among the lowest in the European Union. EU data confirm this.
Italian companies in Hungary are mostly small and medium enterprises. The leading sector is certainly that of wholesale and retail trade. In fact, there are 1,066 companies in the sector mentioned. Then follow the real estate activities (435), manufacturing (336) and professional (291).
Companies with over 250 employees are only 0.5% of the total, an almost perfect reproduction of what happens in Italy.