Summary 198 posts
As one of the side effects of digital development, it became apparent this year that the total sum of the one percent donations offered for NGOs declined in parallel with the successful introduction of e-personal income tax. However, there was no change in corporate donations and their tax relief, so it is worth considering this before the end of the year!
Read moreOn 5 December 2017, the Council adopted new rules making it easier for online businesses to comply with VAT obligations.
Read moreThe matter of the registration of foreign managers has become clearer in relation to the use of the company portal “Cégkapu” that companies will be obliged to use from 1 January 2018. It is now clear what tasks have to be fulfilled using the Cégkapu portal and where companies not yet registered or already registered can get more information regarding the operation of the portal.
Read moreThe VAT Act maximizes the period during which input tax can be deducted without self-revision in two years. The regulation entered into force in the beginning of 2016 which means that this year-end will be the first turning point in respect of the deductibility of tax.
Read moreAs you may know Hungary plans to introduce real time invoice reporting obligation from 1 July 2018. Any Hungarian VAT registered entity that issues invoices with a VAT amount above HUF 100,000 (approx. EUR 320) to another entity VAT registered in Hungary will be required to report these invoices “without delay, but within 24 hours at latest” to the Hungarian Tax Authority (HU TA). This includes businesses established outside Hungary but registered for VAT in Hungary. According to the current law draft failure to report the invoices in real time mode may attract administrative penalty of up to HUF 500,000 (EUR 1700) / invoice.
Read moreThere is no surprise in the draft of the Act on Social Contribution Tax promulgated last week; the contribution payable by employers will decrease by 2.5 percent to 19.5 percent in 2018.
Read moreHungary extended the scope of the food chain supervision fee (FCSF) to foreign businesses registered for VAT in Hungary. Previously only domestic companies were obliged to pay FCSF. The food chain supervision fee (FCSF) is a tax on the food supply chain activities. FCSF rate is 0.1 % and it is levied on the net sales revenue derived from such activity.
Read moreOnly a few know that the member states of the Persian Gulf Cooperation Council, i.e. Saudi Arabia, the United Arab Emirates, Bahrain, Kuwait, Qatar and Oman started a common customs union in the Persian Bay area from 2015.
Read moreA growing number of articles is published in relation to “cégkapu” (company portal) and its problems but it is still not quite clear why “cégkapu” is necessary and how companies should register. We would like to help to clarify the scope of affairs which can be administered through “cégkapu” and to explain why it is important providing you with a simple and straightforward summary below.
Read moreMore than 200 thousand taxpayers may enjoy the benefits coming from having reliable taxpayer status according to latest data of the Hungarian Tax and Customs Authority (NAV). At the same time, however, the number of businesses rated risky increased also on last year’s base. Companies should be aware of the criteria based on which businesses are rated quarterly as some points of the relevant regulation change in the recent period due to amendments of legal regulations.
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