Summary 407 posts
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*.
Read moreWe have summarised the Hungarian VAT changes for 2024 that businesses should be aware of in relation to VAT in 5+1 points.
Read moreBelow 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.
Read moreIn 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.
Read moreEver 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
Read moreThis 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.
Read moreThe amounts for the minimum wage and guaranteed minimum wage for 2024 have been determined and announced. For 2024, a 15% increase in the minimum wage and a 10% increase in the guaranteed minimum wage should be planned for employees working full-time. The increase in the minimum wage and the guaranteed minimum wage can take effect from December 1, 2023.
Read moreAs the end of the year approaches, it is a priority for every company to check the VAT handling of their issued and received invoices. But why is VAT checking so crucial, and how does modern technology contribute to easier handling of the challenges involved?
Read moreFrom January 1, 2024, the deposit return system for mandatory deposit fee products marketed domestically, the DRS, will be implemented. The mandatory deposit fee system imposes tasks on both manufacturers and distributors, and due to the introduction of the DRS, the summer tax package also amended the VAT law effective from January 1, 2024. In the following blog post, we will present the most important VAT-related effects of the new DRS system.
Read moreIn Hungary, all listed companies, credit institutions and financial enterprises equivalent to credit institutions are required to prepare their annual financial statements in accordance with IFRS. In addition, certain companies have the option to prepare their annual financial statements in accordance with IFRS. The rules for the first-time adoption of IFRS are complex, and we will go through the details in our blog post below.
Read more
