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Summary 352 posts

Diána Varga

This tax allowance can help businesses stay afloat

In the current economic climate, Hungarian businesses are also facing gradually rising energy prices, and are having to pay several times more than they used to for gas and electricity. One way to reduce costs is to invest in energy efficiency, to which the Corporate Tax Act also links a tax allowance.

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Digitisation and payroll? Nothing to be feared!

Repetitive tasks involved in monthly payroll processing are among the areas where digitisation is critical as it reduces errors and makes it easier to ensure legal compliance and precise timing. Both smaller and larger companies face ever-increasing requirements, and outsourced payroll can boost technology adoption or remotely perform the tasks associated with being a social security disbursement agency.

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Transfer pricing: gigantic fines and stricter rules in Hungary

A two-and-a-half-fold increase in default fines, a new transfer pricing reporting obligation relating to corporate income tax returns, and changes in the rules pertaining to tax base adjustments. Bill T/360 is expected to have an impact on several aspects of the transfer pricing rules pertaining to related parties, and we are likely to see stricter regulations in this regard.

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Sectoral special taxes in 2022

Similarly to 2010, the Hungarian Government has once again decided to impose additional taxes on certain profitable industries in order to support a balanced government budget, to maintain the utility cost reduction and to provide funding for the military.

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Reallocation of costs, VAT in Hungary

Are there significant costs reallocated within the company or group? As these also affect the company s VAT position, it is important to manage costs properly. Developing a proper practice with a view to the VAT is an important aspect from the start, however, VAT risks can still be reduced if the company chooses to change its cost reallocation methodology on the fly.

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