Summary 388 posts
This year, for the first time, companies are required to prepare their transfer pricing documentation in accordance with the new rules. It will be mandatory to prepare a new, multi-level set of documentation (comprising the master file, the local file and the country-by-country report, where appropriate) simultaneously with the CIT filing.
Read moreThe deadline for the filing personal income tax returns is 20 May 2019 and may also concern foreign individuals who pursue income earning activities in Hungary on a temporary basis.
Read moreAt the time of company or division sales, sellers have a tax liability (an obligation to pay income tax),let they be private individuals or companies. In connection with purchasing a company or division, any tax payment obligations and potential subsequent uses of deferred losses must be examined.
Read moreIt is not new that foreign companies buy commercial property in Hungary for investment purposes. However, they are not always fully aware of tax consequences when concluding the sale and purchase contract. We now show you what you should pay attention to and what the most frequent hurdles are.
Read moreAlthough the deadline for this year\'s first modification phase has not yet expired, HU TA has already announced that the next step in online invoice data reporting will be version 2.0. Unlike in the tax authority\'s preliminary plans, not only an adjustment but a larger scale transformation should be expected in relation to online invoice reports.
Read moreFrom 2019, only those enterprises are exempt from the obligation to pay innovation contribution, which, taking all provisions of the SME Act into account, qualify as small or micro enterprises also on an aggregate basis considering their partner and linked enterprises. Although with its rate of 0.3 percent, innovation contribution is relatively small compared with almost all other tax and contribution liabilities, it may represent a substantial expense considering its tax base for the businesses specializing in the provision of services.
Read moreFrom 1 January 2019, the film productions registered with the National Film Office may account for costs acknowledged for the purposes of the film subsidy according to the Film Act* amended at several points. This may come handy for the domestic production of series with many characters but the base of the film subsidy may reduce in the case of employing high-paid, typically foreign stars.
Read moreUntil 2018, the Act on Personal Income Tax made it possible for employers to provide employees tax-free housing support up to an amount of 5 million forints. This popular tax-free benefit form is no longer available from 2019 but the submission, collection of the certificates relating to support provided earlier is in the interest of both employees and companies.
Read moreAs promised, at the end of January the tax authority made available the detailed technical specifications of the first round of invoice XML schema changes planned for this year. Based on this communication, the developers of invoicing systems have three months for the integration and testing of the changes. The Tax Authority declared it will not accept any invoices based on the old schema version (1.0) XML documents from 1st of May 2019.
Read moreThe new Act on Social Contribution Tax effective from 1 January 2019 was basically novel relative to former regulation in terms of the integration of health contribution and the transformation of the system of allowances while the reduction of the tax rate with effect from 1 July made employment cheaper. A further 2 percentage point reduction is expected from 2020.
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