Summary 198 posts
There is no compulsory legal regulation regarding the language of the transfer pricing documentation, which means that it can be prepared in any language.
Read moreIt is not forbidden to take your savings with you when travelling, however, if you leave (or enter) the territory of the EU carrying cash or cash equivalents (securities, bonds, shares etc.) worth more than EUR 10 000, you are required to file a written declaration with the Customs Authority.
Read moreAs the action for failure to fulfil obligations filed against Hungary in relation to the special taxes imposed on the telecommunication and retail sectors enters into its second phase, a suspicion arises that, in time, a similar future may await the recently accepted amendments concerning insurance tax and local business tax.
Read moreFrom 1st December 2012, significant changes to the UK VAT registration requirements for non-established businesses doing business in the UK come into effect. These changes may result in your clients now having to be UK VAT registered. Penalties could apply for non-compliance.
Read moreIn an everyday sense, e-commerce is an umbrella term: if any of ordering, payment, product delivery or the use of services takes place online, we are talking about e-commerce. From a tax perspective, however, it is important to what extent the transactions contain web-based solutions. Distant sales should be differentiated from other activities commonly referred to as e-commerce in respect of invoicing and the VAT treatment of the transactions.
Read moreHowever, despite these reliefs, the Hungarian Tax and Customs Authority (NAV) may audit these taxpayers more frequently. Both the audit practice of the tax authority and the communication relating to the drafts of next year’s tax laws suggest enhanced audits of these enterprises in respect of the records prescribed by the Hungarian Act on Accounting.
Read moreA recent amendment of the relevant tax legislation (published on the 27th of June) has introduced an additional payment liability. Taxpayers include marketing licensees of medical products or their distributors.
Read moreOne should always pay attention to the decisions of the EU Court of Justice. Recently, for instance, the European Court of Justice made a decision in two joined Hungarian cases providing a clearly defined framework for the former standpoint and practice of the Hungarian tax authority in respect of the exercising of the right of VAT deduction. The court in Luxembourg also made decisions in other disputes, which elevate the partnership between taxpayers and tax authorities to a higher professional level – provided, of course, that the tax authority is also open, prepared and willing to act as a partner.
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