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Tibor Kovács

Exhibitions, events abroad – foreign VAT issues

Companies organising a conference, event or exhibition abroad – whether it is their own event, or an event organised abroad by an event management...
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Gábor Fajcsák

Fiduciary trusts 2024

Fiduciary trusts (“bizalmi vagyonkezelés” in Hungarian) have spread in the past few years. In recent years, trusts offering complex wealth management solutions have become increasingly popular in Hungary as well, with the number of managed asset accounts exceeding one thousand by February 2024. A legislative amendment contributed significantly to the increase in the number of trusts in 2023: the abolition of the tax-free placement of assets by private trustors...
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Millions in tax advantages through retrospective reporting of previously non-reported participations in Hungary

In 2024, companies will have the opportunity for a tax amnesty by retrospectively reporting participation acquisitions that were not reported to the Hungarian Tax Authority previously. This will allow corporate income taxpayers who previously failed to report their participations obtained in other companies which could have exempted them from paying Corporate Income Tax (CIT) upon sale. The general deadline for the retrospective reporting of participations is 31 May 2024. The biggest beneficiaries of the retrospective reporting could be those companies expecting a significant market value growth of their subsidiary.

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CBAM: what you need to know

In 2024, numerous companies in Hungary are required to make a CBAM declaration, based on a European Union regulation* adopted in 2023, regulating a mechanism to offset the carbon intensity of imported goods. There are still many unanswered questions regarding the obligation known as the carbon duty. Yet, CBAM will be a new, long-standing, and challenging obligation.

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