Minimum wage and guaranteed wage minimum in Hungary 2023
As 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
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As 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.
Read moreOn 18 October, we were presented with a package of tax law proposals containing a number of tax law changes, including significant changes to corporate income tax and long-term investment accounts, while also aiming to simplify administration and tax obligations. We have summarised the main areas and tax types where taxpayers can expect changes.
Read moreWe\'re getting used to a bunch of IT terms associated with the Hungarian Tax Authority’s innovations: after XML, eVAT and github, M2M is the new buzzword.
Read moreIn the current economic climate, Hungarian businesses are also facing gradually rising energy prices, and are having to pay several times more than they used to for gas and electricity. One way to reduce costs is to invest in energy efficiency, to which the Corporate Tax Act also links a tax allowance.
Read moreRepetitive tasks involved in monthly payroll processing are among the areas where digitisation is critical as it reduces errors and makes it easier to ensure legal compliance and precise timing. Both smaller and larger companies face ever-increasing requirements, and outsourced payroll can boost technology adoption or remotely perform the tasks associated with being a social security disbursement agency.
Read moreAlthough the government\'s efforts had previously pointed towards administrative simplification, new excess profits taxes have been introduced due to external and internal economic factors.
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