Summary 40 posts
The OECD\'s guideline on the impact of the COVID-19 virus situation on transfer pricing provides guidance to taxpayers and tax authorities on transfer pricing issues.
Read moreIn recent years, there was a fundamental change in the model in which the Hungarian Tax Authority views its own function, its relationship with taxpayers and, last but not least, its role as the key guard of budget revenues.
Read moreThe rules for wage support were amended at the same time as the restrictive measures were introduced in response to the COVID-19 pandemic: additional industries have been added to the wage support scheme, and the advance payment of the support has become available, resulting in potential cash flow benefits for employers. Here are the most important dates and deadlines.
Read moreBased on our current understanding, the deadline for publishing the financial statements for 2020 and submitting annual tax returns (for corporate income tax (CIT),innovation contribution, and local business tax (LBT)) is 31 May 2021. As a result, a number of companies are in the middle of their year-end tax calculations, and there are a few typical tax savings opportunities that are worth considering.
Read moreIn relation to the fiscal year of 2021, LBT reliefs are applicable for SMEs if their revenue or balance sheet do not exceed HUF 4 billion. Except for the 3.000 largest firms, every company is affected; the claims shall be submitted until 25 of February to the Hungarian Tax Authority.
Read moreSmall business tax (KIVA) may become an attractive option for more companies from 2021. The small business tax rate may be cut to 11 percent from next year, while certain limits of KIVA-eligibility will increase. The special tax rate assessment rules may be more favourable for many businesses than corporate tax but not for all.
Read moreDraft VAT returns, changes to small business tax thresholds, local business tax administration change, and automatic payment assistance for reliable taxpayers and private individuals. The autumn tax package may bring changes to a wide variety of areas in Hungarian taxation.
Read moreNext year, employers and employees we will only have to plan with one moved working day. The first long weekend of 2021 will fall on the start of the year, 5 rest days will be on weekends and, in addition, we will have six long weekends and a 4-day weekend in the coming year.
Read moreProvisions of the Act on the Rules of Taxation relating to the Hungarian Electronic Trade and Transport Control (EKAER) system will be amended from 1 January 2021. For example, the group of products to be reported in the road freight transport control system will change.
Read moreAs part of the COVID-19 Economic Protection Action Plan, the Hungarian government has launched a new wage subsidy programme now to enhance job creation. Its main purpose is to provide help in recruitment for employers who have been forced to lay off workers in recent months due to the economic impact of the coronavirus.
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