Summary 8 posts

Data storage – not only concerning primary sources!

Companies often underestimate the quantity of data they accumulated about their buyers, customers. This also means that they underestimate the significance and potential consequences of the introduction of the new General Data Protection Regulation (GDPR).

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Company acquisition options and their legal consequences

In a previous post, we gave an overview of possible methods of acquisitions (share, asset or division purchase) and the primary business issues arising in case of each of the alternatives. Choosing from these methods, although a business decision, obviously leads to different legal consequences.

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New tool for reducing tax evasion – the CbC report requirement takes effect

15th of May marked the proclamation of the legislation that requires businesses to prepare Country-by-Country Report (CbC) reports. Hereby we summarize the most important issues and deadlines impacting Hungarian firms, including when the Hungarian companies need to submit their CbC reports and the obligations of firms whose parent companies are in the United States, which for the moment is a special case, regarding data reporting.

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Contribution Cut, 2018

There is no surprise in the draft of the Act on Social Contribution Tax promulgated last week; the contribution payable by employers will decrease by 2.5 percent to 19.5 percent in 2018.

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Hungary extends the real-time invoice reporting (RTIR) to paper-based invoices

As you may know Hungary plans to introduce real time invoice reporting obligation from 1 July 2018. Any Hungarian VAT registered entity that issues invoices with a VAT amount above HUF 100,000 (approx. EUR 320) to another entity VAT registered in Hungary will be required to report these invoices “without delay, but within 24 hours at latest” to the Hungarian Tax Authority (HU TA). This includes businesses established outside Hungary but registered for VAT in Hungary. According to the current law draft failure to report the invoices in real time mode may attract administrative penalty of up to HUF 500,000 (EUR 1700) / invoice.

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Corporate Income Tax Changes in 2017

The majority of the amendments of the CIT Act are aimed at the expansion of tax benefits, some appear in the draft legislation in the form of tax base benefits, while others as tax benefits.

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