Blog

2020.05.22Digital

Guide to NAV Online Invoice reporting - lessons to learn

The online invoice experience of nearly 300,000 first Hungarian swallows can be found useful for those taxpayers who join later. Summarizing our experience as a tax consultant and digital tax solution provider, with the understanding of corporate operations and expectations of the Hungarian Tax Authority (NAV),we would like to draw your attention to some challenges and faults to help newcomers to the world of online invoice reporting.

Lilla Németh

2020.05.19Digital Tax

VAT return from 1 July: M sheets must also be reported without a threshold in Hungary

From 1 July, 2020 according to the VAT Act, the data of all approved incoming supplier invoices for which the company intends to exercise the right to deduct VAT must be provided to NAV on the M-sheet in the domestic recapitulative statement, regardless of the VAT threshold. This will make not only the invoices issued, but also the invoices approved between companies, fully visible to the tax authority.

RSM Hungary

2020.05.08Coronavirus Tax

COVID-19: Governmental Measures in Central and Eastern Europe

We summarized briefly the main government measures that aimed to curb the negative business effects of COVID-19 in the CEE region countries: Hungary, Poland, Czech, and Slovak Republic.

Lilla Németh

2020.05.08Coronavirus Digital

NAV Online Invoice reporting - how to prepare for July 2020?

More than 300,000 Hungarian companies have been reporting their invoice data to the NAV online invoice reporting system for almost two years. From 1 July, this scope will be further expanded, all invoices issued between domestic business partners will be required to provide online invoice data, regardless of the VAT amount of the invoice, the reporting threshold will be reduced to zero. The expansion of the M-form obligation related to purchases can also be a nightmare for accountants.

Diána Varga

2020.04.29Consultancy Coronavirus Tax

Reports and annual tax return - may be deferred until 30 September. When should you not opt for it?

After a seemingly long wait for professionals, the decree was promulgated postponing the annual tax liabilities of companies and the publication of the report in view of the coronavirus epidemic until 30 September 2020. It is worth considering what is affected by the postponement and what is the best decision for the company!

Gábor Fajcsák

2020.04.28Coronavirus Tax

Modified wage subsidies and tax reliefs in Hungary

The new conditions for wage subsidies are more favourable, facilitation of deadlines in respect of reporting and taxation, SZÉP card changes and confirmation of social contribution tax (”szocho”) rate reduction. These are, among others, the latest regulations to mitigate the economic effects of the coronavirus.

Helga Kiss

2020.04.21Coronavirus Tax

R&D wage subsidy in the April economic package in Hungary

As part of the Action Plan to protect the Hungarian economy, new measures have been introduced in Hungary to preserve R&D workers’ workplaces. The government measures relate to the coronavirus pandemic, and take the form of a wage subsidy available for employers. The measures are applicable as of 15 April 2020, and businesses in various sectors could take advantage of them, such as IT and software development companies, pharmaceuticals, chemical companies, companies in the financial sector and manufacturers.

Gábor Fajcsák

2020.04.20Coronavirus Tax

Hungarian economy protection package, April 2020 - wage subsidies, retail tax

In order to reduce the negativ economic impacts of COVID-19 crisis, Hungarian government announced new measures: net wage subsidy, tax and administrative reliefs, and introduced retail tax.

Bálint Szűcs

2020.04.01Coronavirus Legal

Epidemic-safe company set-up, transformation and sale or purchase of property with digital attorney counter-signature

Company proceedings, property sale and purchase contracts: almost everyone automatically remembers that an attorney is necessary for these procedures and the signature typically takes place in the office of the legal representative. Many are unaware, however, that company foundation and company transformation processes and even sales and purchases of property requiring attorney counter-signature can be carried out electronically without personally seeing the attorney.

RSM Global

2020.04.07Coronavirus Tax

COVID-19 Global Tax Policy Measures

Tracking rapid global stimulus legislation

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