Summary 255 posts
The new Social Security Act shall enter into effect on 1 July 2020 in Hungary, modifying the scope of persons affected by social security, standardizing the contribution payment system, making changes in the group of persons pursuing supplementary activities, and introducing a lower limit of contribution payment as a new element.
Read morePursuant to a government decree adopted in relation to the emergency situation on 25 May, in certain business sectors, foreign investors could only acquire shares in business entities with registered offices in Hungary subject to the acknowledgement of the relevant minister. Following the repeal of the government decree, statutory regulations entered into force as part of the miscellaneous amendments concerning the end of the emergency situation, effective from the day on which the emergency situation was declared to have ended, which amended certain provisions of the decree.
Read moreAn important change in financial administration from July is that the deadline for issuing an invoice will be shortened from 15 days to 8 days after performance. In other words, from July, invoices for the supply of goods and services must be prepared and issued to partners, buyers and customers within a shorter deadline.
Read moreDue to the difficulties caused by the coronavirus, the tax authority will not sanction, until 30 September 2020, the new taxpayers subject to the online data supply obligation from July, who are not yet able to comply with the regulations. The deadline for extending the data supply obligation is therefore not delayed, but NAV (Hungarian Tax Authority) will not penalise its omission for the first 3 months if taxpayers register in the Online Invoice system.
Read moreAs part of the COVID-19 Economic Protection Action Plan, the Hungarian government has launched a new wage subsidy programme now to enhance job creation. Its main purpose is to provide help in recruitment for employers who have been forced to lay off workers in recent months due to the economic impact of the coronavirus.
Read moreThe online invoice experience of nearly 300,000 first Hungarian swallows can be found useful for those taxpayers who join later. Summarizing our experience as a tax consultant and digital tax solution provider, with the understanding of corporate operations and expectations of the Hungarian Tax Authority (NAV),we would like to draw your attention to some challenges and faults to help newcomers to the world of online invoice reporting.
Read moreFrom 1 July, 2020 according to the VAT Act, the data of all approved incoming supplier invoices for which the company intends to exercise the right to deduct VAT must be provided to NAV on the M-sheet in the domestic recapitulative statement, regardless of the VAT threshold. This will make not only the invoices issued, but also the invoices approved between companies, fully visible to the tax authority.
Read moreWe summarized briefly the main government measures that aimed to curb the negative business effects of COVID-19 in the CEE region countries: Hungary, Poland, Czech, and Slovak Republic.
Read moreMore than 300,000 Hungarian companies have been reporting their invoice data to the NAV online invoice reporting system for almost two years. From 1 July, this scope will be further expanded, all invoices issued between domestic business partners will be required to provide online invoice data, regardless of the VAT amount of the invoice, the reporting threshold will be reduced to zero. The expansion of the M-form obligation related to purchases can also be a nightmare for accountants.
Read moreAfter a seemingly long wait for professionals, the decree was promulgated postponing the annual tax liabilities of companies and the publication of the report in view of the coronavirus epidemic until 30 September 2020. It is worth considering what is affected by the postponement and what is the best decision for the company!
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