Summary 163 posts

Cégkapu – Registration of Foreign Managers Clarified

The matter of the registration of foreign managers has become clearer in relation to the use of the company portal “Cégkapu” that companies will be obliged to use from 1 January 2018. It is now clear what tasks have to be fulfilled using the Cégkapu portal and where companies not yet registered or already registered can get more information regarding the operation of the portal.

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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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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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A Thousand Nights and Arabian VAT

Only a few know that the member states of the Persian Gulf Cooperation Council, i.e. Saudi Arabia, the United Arab Emirates, Bahrain, Kuwait, Qatar and Oman started a common customs union in the Persian Bay area from 2015.

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“Cégkapu” (company portal) troubles

A growing number of articles is published in relation to “cégkapu” (company portal) and its problems but it is still not quite clear why “cégkapu” is necessary and how companies should register. We would like to help to clarify the scope of affairs which can be administered through “cégkapu” and to explain why it is important providing you with a simple and straightforward summary below.

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Number of reliable taxpayers growing

More than 200 thousand taxpayers may enjoy the benefits coming from having reliable taxpayer status according to latest data of the Hungarian Tax and Customs Authority (NAV). At the same time, however, the number of businesses rated risky increased also on last year’s base. Companies should be aware of the criteria based on which businesses are rated quarterly as some points of the relevant regulation change in the recent period due to amendments of legal regulations.

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