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2024.11.20Tax

Autumn tax package 2024 – Key changes for companies

Bill no. T/9724 on amendments to certain tax laws, which also contains a number of significant changes affecting companies, was brought before the Hungarian Parliament on 29 October. One of the main goals of the proposal is to simplify the tax system and whiten the economy, particularly in the areas of corporate income tax, VAT and retail tax. The draft legislation would transpose many government decrees adopted during the state of emergency into law. Our blog below contains the most important changes in detail so that your company will be prepared for the new rules coming into force in 2025.

Tibor Kovács

2024.11.10Tax VAT

Financial representation and VAT registration – who is affected?

When a foreign company carries out transactions in Hungary for which the place of supply is in Hungary and are not subject to international reverse charge, that company must apply for a Hungarian tax number. In such cases, the foreign company may possess tax numbers in multiple countries, similarly to dual or multiple citizenship for individuals.

Bernadette Bohács

2024.11.14HR

KPIs vs OKRs: how business goals are achieved

KPIs (key performance indicators) and OKRs (objectives and key results) are two popular frameworks used to drive business results. Understanding the difference and relationship between KPIs and OKRs will help you learn how to use and integrate both in order to achieve your company\'s strategic goals and improve performance. Although these terms are often used interchangeably, when applied properly, they can complement each other in facilitating strategic alignment, innovation and operational success.

Petra Palicz

2024.10.28VAT

Court of Justice of the European Union rules in favour of the taxpayers again

At the beginning of October 2024, once again, the Court of Justice of the European Union ruled in favour of the taxpayers in a case regarding the right to deduct VAT. Although the judgment was delivered in a case in Romania, its findings can make a significant contribution to the successful exercise of the right of Hungarian businesses to deduct VAT.

Ottó Bulátkó

2024.10.22Consultancy Tax

Compliance audit or tax audit?

Tax authority inspection, tax audit, compliance audit/minutes – these are the terms that every taxpayer should understand. What is more, you should know the detailed rules of the tax audit and the compliance investigation, as it is important what kind of protocol the tax authority review is based on.

Bernadette Bohács

2024.10.16HR Payroll

Wage Transparency and Eliminating the Gender Wage Gap

The European Union (EU) is committed to closing the gender pay gap and promoting the principle of equal pay for equal work. The new Directive (EU) 2023/970 on wage transparency is part of this intention, to strengthen pay equality between men and women by focusing on pay transparency and enforcement mechanisms.

Krisztina Reinics

2024.10.15Accounting

Accounting for products subject to the mandatory deposit refund scheme (DRS)

On 1 January 2024, the new return system for beverage packaging, the so-called mandatory deposit refund scheme (DRS),entered into force in Hungary. Certain provisions of the Accounting Act have also been amended accordingly. In the following blog post we summarise the most important accounting rules for DRS products.

Mátyás Budai

2024.10.08Tax

M-sheets – how to avoid the Tax Authority’s radar

The precise and efficient completion of the M-sheets (domestic recapitulative statement) is vital to avoid the attention of the tax authority. The correct handling of M-forms is of utmost importance, as the tax authority\'s new risk analysis methods are focused on the accuracy of the reported data.

Bernadette Bohács

2024.09.25Audit HR Sustainability and ESG

ESG and HR

The meaning and purpose of the ESG (Environmental, Social & Governance) framework is to ensure that companies operate in a sustainable manner over the long term, while taking into account environmental, social and governance aspects. HR plays a key role in the social pillar of ESG where diversity, equity and inclusion are of paramount importance.

Ádám Mosonyi

2024.09.12Audit Sustainability and ESG

ESG and Sustainability Reporting: What You Need to Know About International and Domestic Regulations

The Environmental, Social & Governance (ESG) framework is increasingly playing a significant role in corporate operations and reporting obligations, with one of its goals being to assist in compliance with the European Green Deal. In our blog, we will review what ESG entails, how it impacts various industries, and the requirements imposed by international and domestic regulations. Learn what companies need to prepare for in light of the new reporting standards!

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