Blog

2019.03.12

First deadline of the innovation contribution advance payment approaching!

From 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.

Helga Kiss

2019.03.06RSM Film & Movie Tax

Film subsidy 2019

From 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.

Norbert Varga

2019.02.26Tax

Employee housing support - good-bye tax exemption, hello subsequent inspection!

Until 2018, the Act on Personal Income Tax made it possible for employers to provide employees tax-free housing support up to an amount of 5 million forints. This popular tax-free benefit form is no longer available from 2019 but the submission, collection of the certificates relating to support provided earlier is in the interest of both employees and companies.

Péter Kóczé

2019.02.20Digital

Online invoice data reporting - details of the first XML schema change

As promised, at the end of January the tax authority made available the detailed technical specifications of the first round of invoice XML schema changes planned for this year. Based on this communication, the developers of invoicing systems have three months for the integration and testing of the changes. The Tax Authority declared it will not accept any invoices based on the old schema version (1.0) XML documents from 1st of May 2019.

Dániel Sztankó

2019.02.14VAT

Brexit guide for UK companies operating in Hungary

At the moment there is no clear single scenario with respect to how the Brexit will evolve (no-deal Brexit, postponing the Brexit, some sort of deal, etc). We think reasonably prudent businesses should start preparing for no-deal Brexit, despite the probability of other scenarios.

Zoltán Horváth

2019.02.12Tax

New social contribution tax law from 2019

The new Act on Social Contribution Tax entering into force from 2019 is novel relative to former regulation in terms of the integration of health contribution and the transformation of the system of allowances. Companies should pay special attention to four things in relation to social contribution tax: which allowances based on former rules they can continue to make use of, which ones they can apply according to the new rules, which ones are eliminated and which allowances can be applied on a retroactive basis, even using self-revision.

Zoltán Horváth

2019.02.08Digital

Companies may expect HU TA audit in relation to online invoicing data reporting

According to the communication of HU TA, from 21 January, the county and Budapest directorates of the tax authority will perform audits based on risk analyses at the taxpayers obliged to report invoicing data online. Those who failed, based on available control data, to report data on their supplies with a VAT content over 100 thousand forints, can expect an appearance from the tax authority.

Dániel Sztankó

2019.02.07BREXIT

Should we start preparing for Brexit?

At the moment, nobody knows what will happen to Brexit, if it will happen at all or if it will be postponed. There are many possible scenarios but prudent business operation requires us to prepare for a no-deal Brexit even if we are still hoping for Brexit to be postponed.

Helga Kiss

2019.01.18RSM Film & Movie

Film financing from subsidy – the role of the comfort letter

The shooting of The Alienist, nominated in two categories at the 2019 Golden Globes, and Genius: Picasso, nominated in the category for best actor, both took place in Hungary. How does the Corporate Income Tax (TAO) system in Hungary assist in raising the funds to cover film production costs and what role does the comfort letter have in the planning and raising the funds to cover the costs of film production?

Péter Kóczé

2019.01.15Digital

Hungarian online invoice reporting system meeting expectations but needing correction

The first result figures of the six months since the launch of the online invoice reporting system confirm that the real-time invoice data reporting service met expectations in terms of improving the efficiency of VAT collection. The Hungarian tax authority is able to identify fraudulent businesses almost immediately and in an automated manner relying on the data submitted through the solutions provided by the companies obliged to report data and their service providers.

RSM Film & Movie

Featured tags

Subscribe to stay up to date!