Summary 163 posts
On 23 March 2020, the Government of Hungary has announced the implementation of new tax relief measures to curb the negative effects of COVID-19 crisis on the Hungarian economy as follows.
Read moreThe global coronavirus epidemic affects all sectors of the economy, however, the service sector, and in particular tourism and catering, is the industry that is hit the earliest. What can companies do right away to alleviate the difficulties in paying their tax liabilities?UPDATE: According to the latest announcements, the Hungarian Tax Authority fairly appraises entrepreneurs\' tax relief requests.
Read moreCompanies can take the opportunity of tax donation at the time of advance corporate tax payment replenishment this year as well, the deadline still being 20 December.
Read moreThe draft tax package brings significant changes in terms of real-time invoice data reporting obligations as the HUF 100,000 threshold is removed and the scope of included transactions is significantly expanded.
Read moreAccording to the Personal Income Tax Act, regarding taxable personal insurance schemes (including both risk or non-risk insurance schemes) that are starting in 2018 but continuing into 2019, it was possible for the employer to pay the premium more favourably than salaries. Regarding insurance years commencing in 2019, this favourable transitional rule can no longer be applied. Accordingly, companies must give due consideration to the conditions under which they can optimise these benefits.
Read moreOpportunities for tax donation from corporate tax were narrowed down on different lines in the last year. From January, sponsoring performing arts organizations is no longer an option and with the acceptance of the summer tax package, the corporate tax top-up obligation is eliminated and, as a result, the relating tax donation also ceases.
Read moreThe key changes of the summer tax package affecting companies include measures designed to create incentives to employment and investment, reduce the administrative burden and also measures arising from the international obligation to harmonise legislation.
Read moreAbout the most important measures of the summer draft tax package concerning companies, we can say in advance that it will include employment and investment incentives as well as measures deriving from Hungary\'s obligation of international legislative harmonization. Elements of the government\'s intention to reduce red tape and minimize conflicts with European forums also appeared.
Read moreIt is already apparent that this year also brings a number of challenges for taxpayers in relation to real-time invoice reporting. The extension of the deadline for the online invoice version change announced in the beginning of the year until 4 June gives another month to review four areas.
Read moreWhat adjustment factors may and need to be taken into account for the corporate tax calculation to be closed until the end of May? What room do taxpayers have for movement if the amount of corporate tax advance could not be estimated precisely? These questions should be considered as the 31st of May approaches.
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