Summary 207 posts
It is already apparent that this year also brings a number of challenges for taxpayers in relation to real-time invoice reporting. The extension of the deadline for the online invoice version change announced in the beginning of the year until 4 June gives another month to review four areas.
Read moreWhat adjustment factors may and need to be taken into account for the corporate tax calculation to be closed until the end of May? What room do taxpayers have for movement if the amount of corporate tax advance could not be estimated precisely? These questions should be considered as the 31st of May approaches.
Read moreThis year, for the first time, companies are required to prepare their transfer pricing documentation in accordance with the new rules. It will be mandatory to prepare a new, multi-level set of documentation (comprising the master file, the local file and the country-by-country report, where appropriate) simultaneously with the CIT filing.
Read moreThe deadline for the filing personal income tax returns is 20 May 2019 and may also concern foreign individuals who pursue income earning activities in Hungary on a temporary basis.
Read moreA change is coming in online invoice data reporting from 0:00 on 4 June. From this point, the system of HU TA will only accept online invoice data reporting in the new data format, which leaves a few weeks for switching to version 1.1. Failure to submit online invoice data reports may result in a penalty of up to half a million forints per invoice, which may represent an even higher tax penalty risk than the VAT content of the invoice.
Read moreAt the time of company or division sales, sellers have a tax liability (an obligation to pay income tax),let they be private individuals or companies. In connection with purchasing a company or division, any tax payment obligations and potential subsequent uses of deferred losses must be examined.
Read moreIt is not new that foreign companies buy commercial property in Hungary for investment purposes. However, they are not always fully aware of tax consequences when concluding the sale and purchase contract. We now show you what you should pay attention to and what the most frequent hurdles are.
Read moreAlthough the deadline for this year\'s first modification phase has not yet expired, HU TA has already announced that the next step in online invoice data reporting will be version 2.0. Unlike in the tax authority\'s preliminary plans, not only an adjustment but a larger scale transformation should be expected in relation to online invoice reports.
Read moreFrom 2019, only those enterprises are exempt from the obligation to pay innovation contribution, which, taking all provisions of the SME Act into account, qualify as small or micro enterprises also on an aggregate basis considering their partner and linked enterprises. Although with its rate of 0.3 percent, innovation contribution is relatively small compared with almost all other tax and contribution liabilities, it may represent a substantial expense considering its tax base for the businesses specializing in the provision of services.
Read moreFrom 1 January 2019, the film productions registered with the National Film Office may account for costs acknowledged for the purposes of the film subsidy according to the Film Act* amended at several points. This may come handy for the domestic production of series with many characters but the base of the film subsidy may reduce in the case of employing high-paid, typically foreign stars.
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