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Gábor Fajcsák

Tax benefits of electric company cars

Electric car related tax allowances also prompt companies to buy e-cars. There is no vehicle tax, registration tax, company car tax, and the purchase is also exempt from the duty on onerous transfer of property while car users can enjoy the benefits of having a green number plate.

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Things you should know before accepting electronic invoice

One of the most hyped topics of this year are electronic invoices and electronic invoicing. On the side of businesses, there is an increasing demand for better understanding of rules and best practices concerning the electronic issuing and acceptance of invoices. The growing demand for epidemic-proof digital solutions combined with the Hungarian Tax Authority expectations all bring the spotlight to electronic invoicing.

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New Social Security Act from 1 July 2020 in Hungary

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.

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Statutory regulations on authorising acquisitions by foreign investors in Hungary

Pursuant 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.

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Shorter invoicing deadline from July

An 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.

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NAV Online Invoice - there is no delay, but there is a 3-month sanction-free period

Due 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.

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Another option for employers: the job-creating wage subsidy has arrived

As 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.

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Guide to NAV Online Invoice reporting - lessons to learn

The 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.

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VAT return from 1 July: M sheets must also be reported without a threshold in Hungary

From 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.

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