Hungarian Tax Authorities are increasingly keen to investigate deeply hard to value intangibles during their inspection process. Over an event recently held by the Hungarian Tax Authority, several common mistakes were in the focus of…
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…
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…
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…
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…
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…
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…
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.…
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…
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…
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,…
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.…
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…
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…
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?…
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…
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.…
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…
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.…
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.…
