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The Hungarian waste management system is radically transformed with the introduction of the EPR fee Companies have 6 months to prepare

In line with EU waste management directives, Hungarian waste management rules are expected to change significantly from July 2023. In addition to the environmental product charge, companies will have to get familiar with a new term, as the extended producer responsibility will affect a wide range of businesses. All companies concerned should prepare in good time for the radical changes in the waste management system.

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Changes to the Labour Code effective as of 1 January 2023 and what employers should be aware of

The new provisions of the Act on the Labour Code (Labour Code) effective as of 1 January 2023 were published in the 21 December 2022 issue of the Hungarian Gazette, which turned out to be somewhat of a Christmas present for employers, payroll staff and labour lawyers in the form of administrative duties for the new year. Below we would like to summarise the most important changes to the Labour Code from the employers’ perspective.

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Transfer pricing data to be reported in the CIT return

A draft amendment to the transfer pricing decree is now available, detailing the data that will need to be included in the corporate income tax return from 2023 onwards in relation to transfer pricing documentation. In addition to the new administrative task, the documentation threshold value is expected to change and the number of transactions to be documented may be reduced.

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Shadows cast over the private equity fund market

While private equity funds remain dominant players in global financial markets, the current financial and macroeconomic trends may cast some dark clouds over them. Investors will therefore be forced to adjust their proven strategies to achieve or at least approach the returns they have historically experienced.

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Electronic invoicing and archiving - what's beyond the pile of papers?

The move to electronic invoicing could be the first step in transforming administration. An increasing number of companies prefer contactless payments and paperless invoicing and are looking for e-invoicing solutions that are compatible with teleworking, while automating internal processes and increasing efficiency.

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When should a company opt for foreign currency accounting and taxation?

Recent changes in the forint exchange rate have had a marked impact on the operation and profitability of companies. Currently, less than half a percent of domestic companies keep their books in foreign currency, although for companies where a significant proportion of transactions are not HUF-based or where there are significant amounts of forex transactions, a change in the currency of accounting or even tax payment may be justified. For CIT and LBT tax payments in foreign currency, companies must already take steps by 1 December.

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Helga Kiss, tax director, RSM Hungary
Helga Kiss

Autumn tax changes 2022 - a summary of the key points of the new tax package

On 18 October, we were presented with a package of tax law proposals containing a number of tax law changes, including significant changes to corporate income tax and long-term investment accounts, while also aiming to simplify administration and tax obligations. We have summarised the main areas and tax types where taxpayers can expect changes.

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