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Summary 364 posts

Financing opportunities for the SME sector in 2024

Ever since the economical downturn of 2020, the SME sector in Hungary has been experiencing difficulties with the procurement of debt financing. In response, the Hungarian Government has expanded upon its supply of state-subsidised loans, while on the other side, some market participants have come up with creative solutions to raising capital for their companies. Some of these solutions may seem unusual to domestic markets, a couple of which we will discuss in this entry

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Transfer pricing data reporting 2023: experience and obligations

This year was a turning point for companies in the field of transfer pricing, as they were required to provide information on the determination of the arm\'s length price in their corporate income tax returns. We have collected the main issues and topics that have caused the most problems for companies when preparing their 2023 transfer pricing data reporting.

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Update! Minimum Wage and Guaranteed Minimum Wage in 2024

The amounts for the minimum wage and guaranteed minimum wage for 2024 have been determined and announced. For 2024, a 15% increase in the minimum wage and a 10% increase in the guaranteed minimum wage should be planned for employees working full-time. The increase in the minimum wage and the guaranteed minimum wage can take effect from December 1, 2023.

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The Mandatory Deposit Return System (DRS) and VAT

From January 1, 2024, the deposit return system for mandatory deposit fee products marketed domestically, the DRS, will be implemented. The mandatory deposit fee system imposes tasks on both manufacturers and distributors, and due to the introduction of the DRS, the summer tax package also amended the VAT law effective from January 1, 2024. In the following blog post, we will present the most important VAT-related effects of the new DRS system.

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Key rules for IFRS transition – who are affected?

In Hungary, all listed companies, credit institutions and financial enterprises equivalent to credit institutions are required to prepare their annual financial statements in accordance with IFRS. In addition, certain companies have the option to prepare their annual financial statements in accordance with IFRS. The rules for the first-time adoption of IFRS are complex, and we will go through the details in our blog post below.

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Deposit Return System (DRS) - November 15 is the deadline for compulsory registration!

Hungarian Companies have barely recovered from the first ordeal of Extended Producer Responsibility (EPR) obligations, and now they are confronted with the next challenge affecting waste management, the new mandatory Deposit Return System (DRS). Although the DRS is expected to impact fewer operators, it could pose a much greater challenge than the EPR. The official launch of the mandatory deposit return system is on January 1, 2024, with the obligation for distributors of affected products to register by November 15, 2023.

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VAT implications of event management - A non-resident company organises an event in Hungary

In this blog, we will look at what a foreign event organiser needs to bear in mind when the event requires personal presence and takes place in Hungary. There are a number of factors to be considered in connection with a Hungarian event of a non-resident company, from the VAT registration and tax liability to the invoicing and declaration of transactions and the recovery of the VAT content of the costs incurred.

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Tax consequences of the termination of the US-Hungarian tax treaty

In July 2022, the United States of America announced that it would terminate the 1979 international treaty with Hungary on the avoidance of double taxation. Although the provisions of the US-Hungarian tax treaty will still be applicable for tax purposes until 31 December 2023, the absence of the treaty will have a significant impact on the activities of private individuals and companies after 1 January 2024, measurable in tax forints, and it is worth preparing for this in good time.

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