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Lilla Németh

NAV Online Invoice Data Supply - Changes in Schema 3.0

The tax authority published some unexpected information: the NAV Online Invoice schema, which will be introduced on 1 January 2021, changed at a number of points on 1 December. The data supply system is still being updated, the developer documentation and the xml examples have also been updated.
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Magdolna Greff

Global minimum tax: a minimum rate of 15% tax on the profits of multinationals

This January a Hungarian legal regulation has entered into force on the global minimum tax, introducing the new tax type in Hungary, too. The global minimum tax, developed by the OECD and transposed into EU law, aims to ensure that the effective tax burden for groups of companies with a turnover above €750 million is evenly distributed among group members and that the effective tax rate per country reaches 15%. With the introduction of the global minimum tax, the groups concerned will face complex legal interpretation and administrative challenges

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Gábor Fajcsák

Fiduciary trusts 2024

Fiduciary trusts (“bizalmi vagyonkezelés” in Hungarian) have spread in the past few years. In recent years, trusts offering complex wealth management solutions have become increasingly popular in Hungary as well, with the number of managed asset accounts exceeding one thousand by February 2024. A legislative amendment contributed significantly to the increase in the number of trusts in 2023: the abolition of the tax-free placement of assets by private trustors encouraged many wealthy individuals to set up trusts before autumn 2023.

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Millions in tax advantages through retrospective reporting of previously non-reported participations in Hungary

In 2024, companies will have the opportunity for a tax amnesty by retrospectively reporting participation acquisitions that were not reported to the Hungarian Tax Authority previously. This will allow corporate income taxpayers who previously failed to report their participations obtained in other companies which could have exempted them from paying Corporate Income Tax (CIT) upon sale. The general deadline for the retrospective reporting of participations is 31 May 2024. The biggest beneficiaries of the retrospective reporting could be those companies expecting a significant market value growth of their subsidiary.

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István Falcsik

CBAM: what you need to know

In 2024, numerous companies in Hungary are required to make a CBAM declaration, based on a European Union regulation* adopted in 2023, regulating a mechanism to offset the carbon intensity of imported goods. There are still many unanswered questions regarding the obligation known as the carbon duty. Yet, CBAM will be a new, long-standing, and challenging obligation.

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