VAT on electronic commerce: New rules adopted
On 5 December 2017, the Council adopted new rules making it easier for online businesses to comply with VAT obligations.
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On 5 December 2017, the Council adopted new rules making it easier for online businesses to comply with VAT obligations.
Read moreCompanies often underestimate the quantity of data they accumulated about their buyers, customers. This also means that they underestimate the significance and potential consequences of the introduction of the new General Data Protection Regulation (GDPR).
Read moreThe 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.
Read moreThe VAT Act maximizes the period during which input tax can be deducted without self-revision in two years. The regulation entered into force in the beginning of 2016 which means that this year-end will be the first turning point in respect of the deductibility of tax.
Read moreIn a previous post, we gave an overview of possible methods of acquisitions (share, asset or division purchase) and the primary business issues arising in case of each of the alternatives. Choosing from these methods, although a business decision, obviously leads to different legal consequences.
Read moreAs 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.
Read moreThere 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.
Read moreHungary extended the scope of the food chain supervision fee (FCSF) to foreign businesses registered for VAT in Hungary. Previously only domestic companies were obliged to pay FCSF. The food chain supervision fee (FCSF) is a tax on the food supply chain activities. FCSF rate is 0.1 % and it is levied on the net sales revenue derived from such activity.
Read moreOnly 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.
Read moreA 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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