Summary 99 posts

Contribution cut needed for improved competitiveness

Further reduction of contributions would be necessary for the competitiveness of Hungarian companies and wages to be able to improve. For the competitiveness of companies, the most important factors are the availability of properly qualified and sufficient employees and the evolution of the total cost of employment.

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Advertisement tax - change in legislation

Effective from 1 July 2017, the advertisement tax rate will be raised from 5.3% to 7.5% for taxpayers with sales revenues from advertising exceeding HUF 100 million. In the period of January to June 2017, the tax rate will be lowered to 0% to avoid the taxation of companies retroactively and to ensure equal treatment of taxpayers. These measures will result in an effective tax rate of 3.75% for the entire year 2017.

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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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The UK leaves the customs union – „Hard” Brexit

In her last speech on the termination of the EU membership of the United Kingdom, Prime Minister Theresa May said she envisaged full departure from the EU and did not intend to keep certain elements of EU membership. „We do not seek to adopt a model already enjoyed by other countries. We do not seek to hold on to bits of membership as we leave.”

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