Blog

2020.09.10Digital

What to do if National Tax and Customs Administration (NAV) asks about online invoice differences?

With the end of the grace period approaching, the Hungarian tax authority applies enhanced scrutiny to the online invoice data reporting of companies and also compares the invoice data received to domestic recapitulative statements. Due to the changes in the regulation of online invoice data reporting and the digitalization efforts of NAV, there is a greater focus on the testing of the quality of data reporting.

Lilla Németh

2020.08.26Digital

The 5 most common, correctable errors in Hungarian VAT Returns

The changes entered to force from 1 July prompted experts who prepare VAT returns to reconsider certain things. From the second half of 2020, the value limits on incoming invoices to be declared on MSheets of the VAT return and outgoing invoices to be reported in the Hungarian Tax Authority online invoice data reporting system were eliminated.

Gábor Fajcsák

2020.07.29

Tax benefits of electric company cars

Electric car related tax allowances also prompt companies to buy e-cars. There is no vehicle tax, registration tax, company car tax, and the purchase is also exempt from the duty on onerous transfer of property while car users can enjoy the benefits of having a green number plate.

Lilla Németh

2020.07.23Digital

Things you should know before accepting electronic invoice

One of the most hyped topics of this year are electronic invoices and electronic invoicing. On the side of businesses, there is an increasing demand for better understanding of rules and best practices concerning the electronic issuing and acceptance of invoices. The growing demand for epidemic-proof digital solutions combined with the Hungarian Tax Authority expectations all bring the spotlight to electronic invoicing.

Bálint Szűcs

2020.07.22Legal

A new tender for renewable energy support has been published in Hungary

The Hungarian Energy and Public Utility Regulatory Authority has published the 2020 green premium tender. Power plants producing electricity from renewable energy sources will be able to apply for price support this autumn for a period of 15 years.

Edina Pentz

2020.07.02Payroll

New Social Security Act from 1 July 2020 in Hungary

The new Social Security Act shall enter into effect on 1 July 2020 in Hungary, modifying the scope of persons affected by social security, standardizing the contribution payment system, making changes in the group of persons pursuing supplementary activities, and introducing a lower limit of contribution payment as a new element.

Bálint Szűcs

2020.07.01Legal

Statutory regulations on authorising acquisitions by foreign investors in Hungary

Pursuant to a government decree adopted in relation to the emergency situation on 25 May, in certain business sectors, foreign investors could only acquire shares in business entities with registered offices in Hungary subject to the acknowledgement of the relevant minister. Following the repeal of the government decree, statutory regulations entered into force as part of the miscellaneous amendments concerning the end of the emergency situation, effective from the day on which the emergency situation was declared to have ended, which amended certain provisions of the decree.

Dániel Sztankó

2020.06.23

Shorter invoicing deadline from July

An important change in financial administration from July is that the deadline for issuing an invoice will be shortened from 15 days to 8 days after performance. In other words, from July, invoices for the supply of goods and services must be prepared and issued to partners, buyers and customers within a shorter deadline.

Dániel Sztankó

2020.06.19Digital

NAV Online Invoice - there is no delay, but there is a 3-month sanction-free period

Due to the difficulties caused by the coronavirus, the tax authority will not sanction, until 30 September 2020, the new taxpayers subject to the online data supply obligation from July, who are not yet able to comply with the regulations. The deadline for extending the data supply obligation is therefore not delayed, but NAV (Hungarian Tax Authority) will not penalise its omission for the first 3 months if taxpayers register in the Online Invoice system.

Gábor Fajcsák

2020.05.29Consultancy Coronavirus

Another option for employers: the job-creating wage subsidy has arrived

As 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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