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From 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.
Read moreAccording to the communication of HU TA, from 21 January, the county and Budapest directorates of the tax authority will perform audits based on risk analyses at the taxpayers obliged to report invoicing data online. Those who failed, based on available control data, to report data on their supplies with a VAT content over 100 thousand forints, can expect an appearance from the tax authority.
Read moreAt the moment, nobody knows what will happen to Brexit, if it will happen at all or if it will be postponed. There are many possible scenarios but prudent business operation requires us to prepare for a no-deal Brexit even if we are still hoping for Brexit to be postponed.
Read moreThe shooting of The Alienist, nominated in two categories at the 2019 Golden Globes, and Genius: Picasso, nominated in the category for best actor, both took place in Hungary. How does the Corporate Income Tax (TAO) system in Hungary assist in raising the funds to cover film production costs and what role does the comfort letter have in the planning and raising the funds to cover the costs of film production?
Read moreThe first result figures of the six months since the launch of the online invoice reporting system confirm that the real-time invoice data reporting service met expectations in terms of improving the efficiency of VAT collection. The Hungarian tax authority is able to identify fraudulent businesses almost immediately and in an automated manner relying on the data submitted through the solutions provided by the companies obliged to report data and their service providers.
Read moreChanges will be introduced regarding electronic contract keeping and the use of the company public administration portal \"cégkapu\" from 2019. Obliged companies will need to pay attention to the following when using \"cégkapu\" from January.
Read moreBased on the adopted tax laws for the coming year, Hungary will join a number of European countries with a modern tax system, where group taxation is also available with regard to direct taxes, in addition to the VAT. From the 2019 tax year, it will be possible also in Hungary to choose group corporate taxation, which can be notified to the Tax Authority in the first two weeks of January. Let us see who should choose this and what aspects should be considered in the next two months?
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