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2024.02.12Enterprise valuation Family and Wealth Tax

Millions in tax advantages through retrospective reporting of previously non-reported participations in Hungary

In 2024, companies will have the opportunity for a tax amnesty by retrospectively reporting participation acquisitions that were not reported to the Hungarian Tax Authority previously. This will allow corporate income taxpayers who previously failed to report their participations obtained in other companies which could have exempted them from paying Corporate Income Tax (CIT) upon sale. The general deadline for the retrospective reporting of participations is 31 May 2024. The biggest beneficiaries of the retrospective reporting could be those companies expecting a significant market value growth of their subsidiary.

István Falcsik

2024.02.06VAT

CBAM: what you need to know

In 2024, numerous companies in Hungary are required to make a CBAM declaration, based on a European Union regulation* adopted in 2023, regulating a mechanism to offset the carbon intensity of imported goods. There are still many unanswered questions regarding the obligation known as the carbon duty. Yet, CBAM will be a new, long-standing, and challenging obligation.

Edina Pentz

2024.01.29Payroll

Payroll Accounting - What changes in Hungary in 2024?

We have summarized the changes that companies and employers need to be aware of from January 2024 regarding payroll accounting-related taxation - personal income tax, social contribution tax – health insurance, fringe benefits, and minimum wage.

Szilvia Süli

2024.01.29Tax

Do you have income from abroad? Get ready for a tax authority procedure.

The Hungarian tax authority is launching new supporting procedures pertaining to the capital income of private individuals received from abroad. Hungarian individuals who kept accounts with foreign financial institutions in 2019 and earned income from investments there can expect to be contacted by the tax authority.

Krisztina Reinics

2024.01.23Accounting

Accounting in Hungary 2024 – What’s new?

Find below the most important changes in accounting coming into force in 2024, which companies should integrate into their accounting and auditing systems at the beginning of the year. Please note that the Accounting Act was amended several times in 2023, and these accounting changes were regulated in various pieces of legislation*.

Dániel Sztankó

2024.01.22VAT

VAT 2024 – Key Changes

We have summarised the Hungarian VAT changes for 2024 that businesses should be aware of in relation to VAT in 5+1 points.

Kinga Csepei

2024.01.04Tax

Tax changes in Hungary, 2024 – watch out for these as the new year begins

Below we have summarised the most important provisions of the 2023 tax packages* that come into force as of 1 January 2024. Let\'s take a look at the changes affecting the CIT, VAT, PIT, and other taxes that every Hungarian company should be aware of.

Mátyás Budai

2023.12.20Digital VAT

EÁFA (eVAT) M2M – What Needs to be Done Before the Introduction of the Electronic VAT System in 2024?

In 2024, the Tax Authority of Hungary (NAV) will make an innovative step in the field of VAT declarations with the introduction of eÁFA (or eVAT),which will base declarations on data instead of the previously accustomed aggregated data. In order to simplify their VAT declarations and reduce administrative burdens with the help of eVAT M2M, companies must undertake several important steps.

Levente Almási

2023.12.12Family and Wealth Tax

Financing opportunities for the SME sector in 2024

Ever since the economical downturn of 2020, the SME sector in Hungary has been experiencing difficulties with the procurement of debt financing. In response, the Hungarian Government has expanded upon its supply of state-subsidised loans, while on the other side, some market participants have come up with creative solutions to raising capital for their companies. Some of these solutions may seem unusual to domestic markets, a couple of which we will discuss in this entry

János Karczub

2023.12.06Tax

Transfer pricing data reporting 2023: experience and obligations

This year was a turning point for companies in the field of transfer pricing, as they were required to provide information on the determination of the arm\'s length price in their corporate income tax returns. We have collected the main issues and topics that have caused the most problems for companies when preparing their 2023 transfer pricing data reporting.

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