Summary 390 posts
As the end of the year approaches, it is a priority for every company to check the VAT handling of their issued and received invoices. But why is VAT checking so crucial, and how does modern technology contribute to easier handling of the challenges involved?
Read moreFrom January 1, 2024, the deposit return system for mandatory deposit fee products marketed domestically, the DRS, will be implemented. The mandatory deposit fee system imposes tasks on both manufacturers and distributors, and due to the introduction of the DRS, the summer tax package also amended the VAT law effective from January 1, 2024. In the following blog post, we will present the most important VAT-related effects of the new DRS system.
Read moreIn Hungary, all listed companies, credit institutions and financial enterprises equivalent to credit institutions are required to prepare their annual financial statements in accordance with IFRS. In addition, certain companies have the option to prepare their annual financial statements in accordance with IFRS. The rules for the first-time adoption of IFRS are complex, and we will go through the details in our blog post below.
Read moreHungarian Companies have barely recovered from the first ordeal of Extended Producer Responsibility (EPR) obligations, and now they are confronted with the next challenge affecting waste management, the new mandatory Deposit Return System (DRS). Although the DRS is expected to impact fewer operators, it could pose a much greater challenge than the EPR. The official launch of the mandatory deposit return system is on January 1, 2024, with the obligation for distributors of affected products to register by November 15, 2023.
Read moreIn this blog, we will look at what a foreign event organiser needs to bear in mind when the event requires personal presence and takes place in Hungary. There are a number of factors to be considered in connection with a Hungarian event of a non-resident company, from the VAT registration and tax liability to the invoicing and declaration of transactions and the recovery of the VAT content of the costs incurred.
Read moreIn July 2022, the United States of America announced that it would terminate the 1979 international treaty with Hungary on the avoidance of double taxation. Although the provisions of the US-Hungarian tax treaty will still be applicable for tax purposes until 31 December 2023, the absence of the treaty will have a significant impact on the activities of private individuals and companies after 1 January 2024, measurable in tax forints, and it is worth preparing for this in good time.
Read moreAs of 1 July 2023, the Hungarian Vocational Training Act further simplified the rules for training the company’s own employees, providing social contribution and tax benefits, as well as labour law and administrative relief for employers registering as dual training providers.
Read moreUK companies have no longer been subject to EU VAT laws since 2021; therefore their Hungarian tax liabilities are governed by different rules. How can VAT regulations be interpreted in this new situation and what have taxpayers experienced since Brexit? In our blog post below we have summarised the most important changes from a VAT perspective.
Read moreMarket expansion or typical business transactions of a company may require foreign VAT registration. Below we discuss when a company needs to apply for a tax number abroad and pay local taxes.
Read moreThe Hungarian Government Decree 320/2023 (VII. 17.) on the carbon dioxide quota, published on 17 July 2023, has the unconcealed aim of imposing a significant tax on the country\'s largest carbon dioxide emitters, which will mean extra tax liability for dozens of stakeholders, including many foreign-owned companies. Our blog post summarises the most important things to know.
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