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Wage support 4.0: additional industries, increased wage support and advance payment

The rules for wage support were amended at the same time as the restrictive measures were introduced in response to the COVID-19 pandemic: additional industries have been added to the wage support scheme, and the advance payment of the support has become available, resulting in potential cash flow benefits for employers. Here are the most important dates and deadlines.

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Consider the tax benefits you are entitled to claim in your corporate income tax and local business tax returns in Hungary

Based on our current understanding, the deadline for publishing the financial statements for 2020 and submitting annual tax returns (for corporate income tax (CIT),innovation contribution, and local business tax (LBT)) is 31 May 2021. As a result, a number of companies are in the middle of their year-end tax calculations, and there are a few typical tax savings opportunities that are worth considering.

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Webshops and Hungarian real-time invoice reporting in 2021

From 4 January 2021, the online invoice reporting will extend to almost all invoices issued by domestic companies, including the sales of webshops. According to the latest announcement of the Hungarian Tax Authority, foreign webshops exempted from providing real-time invoice data in case of their sales in Hungary.

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Change in VAT-returns from 20 February!

A substantial change was introduced from 1 January 2021 in the recapitulative statements (M-sheet) to be submitted as part of the VAT return. The change concerns all taxable persons receiving final invoices from domestic partners, which were preceded by an advance invoice and are subject to the reporting obligation.

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