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Summary 211 posts

What does a fiscal representative do?

Non-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.

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SZÉP card 2025: favourable changes

Next year, the SZÉP card will become even more attractive: The maximum benefit limit will be increased by HUF 120,000; a new sub-account (‘pocket’) will be added to support sports and an active lifestyle; and the card will also be digitised. In addition, 50% of the budget can be used for house renovation purposes. In our RSM blog, we have summarized the expected changes to the SZÉP card starting in 2025.

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Data reconciliation procedure - new Hungarian tax authority procedure from 2025

The Hungarian tax authority is constantly improving its control methods to ensure transparency and compliance of economic operators, and the data reconciliation procedure is a new step in this direction. The main purpose of the data reconciliation procedure is that the HUTA regularly compares the data from the real-time invoice reporting system with the information on the VAT returns submitted by companies.

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Kinga Csepei
Tax

Autumn tax package 2024 – Key changes for companies

Bill 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.

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Financial representation and VAT registration – who is affected?

When 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.

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Compliance audit or tax audit?

Tax 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.

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M-sheets – how to avoid the Tax Authority’s radar

The precise and efficient completion of the M-sheets (domestic recapitulative statement) is vital to avoid the attention of the tax authority. The correct handling of M-forms is of utmost importance, as the tax authority\'s new risk analysis methods are focused on the accuracy of the reported data.

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Stricter tax audits, higher penalties

As of 1 August, the provisions of the Act on the Rules of Taxation on default penalty will be amended. The Hungarian Government, in reference to the war between Russia and Ukraine, doubles the penalty for general default, the failure to report employees, and non-compliance with the obligations to issue invoices, receipts and keep documents.

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