Summary 421 posts
As part of the transfer pricing related tasks, the obligation to file a country-by-country report (CbCR) and notification to the tax authority must be fulfilled by 31 December 2024 for fiscal years corresponding to the calendar year.
Read moreBased on the the Act on Global minimum tax legislation (GloBE legislation) effective as of January 1 2024, taxpayers with a tax year following the calendar year, which fall under the scope of the legislation, would be required to provide information on their GloBE status to the Tax Authority by December 31 2024. Even 2,000 companies may fall under the global minimum tax reporting obligation. It may affect business groups which only have Hungarian members, as well as those which also have foreign members. Anyone concerned missing the reporting deadline may face a fine amounting to millions.
Read moreBill no. T/9724 on amendments to certain tax laws, which also contains a number of significant changes affecting companies, was brought before the Hungarian Parliament on 29 October. One of the main goals of the proposal is to simplify the tax system and whiten the economy, particularly in the areas of corporate income tax, VAT and retail tax. The draft legislation would transpose many government decrees adopted during the state of emergency into law. Our blog below contains the most important changes in detail so that your company will be prepared for the new rules coming into force in 2025.
Read moreWhen a foreign company carries out transactions in Hungary for which the place of supply is in Hungary and are not subject to international reverse charge, that company must apply for a Hungarian tax number. In such cases, the foreign company may possess tax numbers in multiple countries, similarly to dual or multiple citizenship for individuals.
Read moreKPIs (key performance indicators) and OKRs (objectives and key results) are two popular frameworks used to drive business results. Understanding the difference and relationship between KPIs and OKRs will help you learn how to use and integrate both in order to achieve your company\'s strategic goals and improve performance. Although these terms are often used interchangeably, when applied properly, they can complement each other in facilitating strategic alignment, innovation and operational success.
Read moreNon-EU companies without a branch in the European Union are required to appoint a fiscal representative to fulfil their Hungarian tax obligations and notify the tax authority of such appointment. EU-based companies may also go for this option, but it is not mandatory for them. In certain cases, the fiscal representative is financially responsible for the company\'s tax obligations: their role serves as a guarantee for the state and the tax authority in ensuring the fulfilment of the tax liabilities.
Read moreA number of Hungarian businesses are involved in international trade, including intra-Community supplies of goods, import of goods from third parties or supplies of services abroad. For cross-border transactions, it is important to examine whether there is a requirement to register for VAT abroad and whether any VAT liability arises abroad. Below we present five cases where companies are required to pay VAT abroad in connection with cross-border transactions and must therefore apply for a tax number.
Read moreAt the beginning of October 2024, once again, the Court of Justice of the European Union ruled in favour of the taxpayers in a case regarding the right to deduct VAT. Although the judgment was delivered in a case in Romania, its findings can make a significant contribution to the successful exercise of the right of Hungarian businesses to deduct VAT.
Read moreTax authority inspection, tax audit, compliance audit/minutes – these are the terms that every taxpayer should understand. What is more, you should know the detailed rules of the tax audit and the compliance investigation, as it is important what kind of protocol the tax authority review is based on.
Read moreThe European Union (EU) is committed to closing the gender pay gap and promoting the principle of equal pay for equal work. The new Directive (EU) 2023/970 on wage transparency is part of this intention, to strengthen pay equality between men and women by focusing on pay transparency and enforcement mechanisms.
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