Summary 8 posts
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).
Read moreIn 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.
Read more15th 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.
Read moreThere 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.
Read moreAs 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.
Read moreThe 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.
Read moreIn my first post on the entry into force of the new civil code, I presented the transitional provisions relating to legal persons. The act containing entry into force provisions also includes special rules for other cases the most important of which I summarized below.
Read moreThe effective date of the new Civil Code is 15 March 2014 when the previous Civil Code, which has been in effect for over 50 years, will be replaced by the new legislation. In our series of articles on the Civil Code our main purpose is to discuss the most significant changes affecting companies and businesses.
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