Imporant payroll related changes 2022 – Hungary
Minimum wage As of 1st January 2022, the minimum wage will be gross HUF 200 000, the guaranteed minimum wage will be gross HUF 260 000 for full-time employees, to be applied for the first…
Local business tax reduction for SMEs in Hungary, 2021
According to the Hungarian government order nr. 639/2020 (issued in December) the local business tax payable by small and mid-sized companies may be decreased by 50% in 2021 due to the coronavirus pandemic. In our…
Complex nature of ERP implementation projects in the CEE
Statutory accounting and tax rule differences in Europe might cause a real challenge to companies during their ERP (Enterprise Resource Planning) system implementation and localization projects. When an international company extends its business abroad and…
Transfer price rules in Hungary – Obligors, elements of documentation, and penalties
The first is that a taxpayer having an affiliated company must examine is whether, on the basis of its main indicators, the preparation of a transfer document is required, or it is sufficient only to…
Tax law changes in Hungary – 2021
In this article, we have collected major tax law changes in a nutshell on the basis of the summer and autumn 2020 tax packages. Take a look at the new rules below. Personal income tax…
Tax changes 2021 in Hungary – What does the legislative proposal say?
Legislative proposal no. T/13258. on the amendment of certain tax laws was submitted on 13 October 2020. In our customer briefing, we summarize the most important expected changes of the ‘fall tax package’. Personal income…
Tips and hints for sale of real estate holding companies in Hungary
5 things you need to know about the sale of real estate holding companies in Hungary: 1. Duty payment liability must be calculated by topographical numbers in Hungary, therefore there is a chance that the…
Taxation on sale of shares in company with real estate holdings in Hungary – CAUTION! You may have to pay duty and CIT
Sale of shares of foreign-registered companies in Hungarian entities may trigger local tax liabilities if the real estate possessions are significant. Such transactions may generate Hungarian local duty and corporate income tax (“CIT”) payment obligations.…
500.000 HUF penalty can be levied from October due to online invoice reporting – How to avoid it?
The grace period granted for the application of the online invoice reporting’s new rules (version 2.0) expires on the 30th of September, 2020. Starting from this date the Hungarian Tax Authority can levy a penalty…
Financial reporting in property management – What’s the best way to do it?
Property management related accurate financial reports, statements, complex reconciliations in one hand? All of these from financial experts specialized in this specific area? Would it be possible? Yes. Let me tell you how. First of…
How to develop truly crisis-proof processes? – Inhouse payroll and accounting on the highest level of security
Although the initial panic caused by the virus is starting to subside, for company leaders the hard part is yet to come. Considering the experiences of the last 2 months, the possibilities of the company,…
Changes of the rules of development reserve in Hungary – Measurements of the government to eliminate economic damages caused by the coronavirus V.
To mitigate the economic effects of the coronavirus pandemic, Government Decree 170/2020 was issued to reduce the corporate tax limits on investments. The decree modifies the Corporate Income Tax Law in order to urge investments.…
Changes in taxation deadlines – Measurements of the Hungarian government to eliminate economic damages IV.
New decrees of the Hungarian Government have been published on the 21st of April 2020 including further measurements to eliminate economic damages of coronavirus. The orders contain among others the postponement of different tax returns…
Measurements of the Hungarian government to eliminate economic damages III.
New protection measurements have been published to support those companies which are in a difficult situation due to the coronavirus. In order to preserve existing jobs, several new subsidies will be introduced, giving companies the…
Database of debt-free taxpayers during corona virus in Hungary
What can we do to avoid exclusion from the database of debt-free taxpayers (Hungarian term: KOMA) in Hungary if our company is unable to meet tax return and tax payment obligations due to the emergency?…
Measurements of the Hungarian government to eliminate economic damages II.
Recent economic measurements of the government have been extended to new business sectors. The affected sectors are the followings: travel agencies, travel organization and other booking services (business activity codes (TEÁOR and TESZOR) 79) physical…
Measurements of the government to eliminate economic damages I.
1. Suspension of enforcements In certain cases, life situations and circumstances which temporarily suspend the collection proceedings override the public interest in the immediate recovery of tax and public debts based on an enforcement order.…
NAV Online invoicing system 2.0 – Online invoice data disclosure 2020-2021
3 deadlines regarding the most important changes in online invoice data reporting: According to extraordinary government decisions due to Coronavirus: 1st of July 2020 (originally 1st of April 2020)– new online invoice data reporting structure to…
Tax payment discount in Hungary – What opportunities do the laws provide if you have financial difficulties?
In this article we would like to provide you with information on how, by what means you can use tax payment discounts and what are the possibilities of taxpayers to mitigate financial difficulties in Hungary.…
Hungarian Tax Regime 2020
Doing business in Hungary? We provide you the most important legal, taxation and accounting aspects of Hungary. Learn more about the business environment, corporate income tax, VAT, dividend, intercompany loan, employment-related taxes and contributions, administration, accounting, etc.…
