Summary 393 posts
The beginning of the year is a busy period for the accounting and finance departments of every company, since this is the time when the accounting changes and regulations that entered into force at year-end are being implemented and applied in the company\'s accounting and audit systems. We have summarised the most important accounting changes that businesses need to be aware of in 2023.
Read moreIFRS does not only address current tax effects and current tax, but also future income tax consequences, taking into account the so-called deferred tax, which is to be recognised in the IFRS financial statements under IAS 12.
Read moreIn line with EU waste management directives, Hungarian waste management rules are expected to change significantly from July 2023. In addition to the environmental product charge, companies will have to get familiar with a new term, as the extended producer responsibility will affect a wide range of businesses. All companies concerned should prepare in good time for the radical changes in the waste management system.
Read moreThe new provisions of the Act on the Labour Code (Labour Code) effective as of 1 January 2023 were published in the 21 December 2022 issue of the Hungarian Gazette, which turned out to be somewhat of a Christmas present for employers, payroll staff and labour lawyers in the form of administrative duties for the new year. Below we would like to summarise the most important changes to the Labour Code from the employers’ perspective.
Read moreThe summer and autumn 2022 tax packages will bring important tax changes for companies from 2023. In addition to changes affecting the key tax types – VAT, CIT, LBT, transfer pricing, PIT – let us discuss modifications in other areas of taxation.
Read moreAs from 1 January 2023, the amount of minimum wage is HUF 232,000 and the amount of the guaranteed wage minimum is HUF 296,400 in Hungary
Read moreA draft amendment to the transfer pricing decree is now available, detailing the data that will need to be included in the corporate income tax return from 2023 onwards in relation to transfer pricing documentation in Hungary. In addition to the new administrative task, the documentation threshold value is expected to change and the number of transactions to be documented may be reduced.
Read moreWhile private equity funds remain dominant players in global financial markets, the current financial and macroeconomic trends may cast some dark clouds over them. Investors will therefore be forced to adjust their proven strategies to achieve or at least approach the returns they have historically experienced.
Read moreThe move to electronic invoicing could be the first step in transforming administration. An increasing number of companies prefer contactless payments and paperless invoicing and are looking for e-invoicing solutions that are compatible with teleworking, while automating internal processes and increasing efficiency.
Read moreRecent changes in the forint exchange rate have had a marked impact on the operation and profitability of companies. Currently, less than half a percent of domestic companies keep their books in foreign currency, although for companies where a significant proportion of transactions are not HUF-based or where there are significant amounts of forex transactions, a change in the currency of accounting or even tax payment may be justified. For CIT and LBT tax payments in foreign currency, companies must already take steps by 1 December.
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