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2023.11.03Customs Tax

Deposit Return System (DRS) - November 15 is the deadline for compulsory registration!

Hungarian Companies have barely recovered from the first ordeal of Extended Producer Responsibility (EPR) obligations, and now they are confronted with the next challenge affecting waste management, the new mandatory Deposit Return System (DRS). Although the DRS is expected to impact fewer operators, it could pose a much greater challenge than the EPR. The official launch of the mandatory deposit return system is on January 1, 2024, with the obligation for distributors of affected products to register by November 15, 2023.

Dániel Sztankó

2023.10.09VAT

VAT implications of event management - A non-resident company organises an event in Hungary

In this blog, we will look at what a foreign event organiser needs to bear in mind when the event requires personal presence and takes place in Hungary. There are a number of factors to be considered in connection with a Hungarian event of a non-resident company, from the VAT registration and tax liability to the invoicing and declaration of transactions and the recovery of the VAT content of the costs incurred.

Szilvia Süli

2023.09.26Tax

Tax consequences of the termination of the US-Hungarian tax treaty

In July 2022, the United States of America announced that it would terminate the 1979 international treaty with Hungary on the avoidance of double taxation. Although the provisions of the US-Hungarian tax treaty will still be applicable for tax purposes until 31 December 2023, the absence of the treaty will have a significant impact on the activities of private individuals and companies after 1 January 2024, measurable in tax forints, and it is worth preparing for this in good time.

Ottó Bulátkó

2023.09.14Tax

In-house training with social contribution and other tax incentives

As of 1 July 2023, the Hungarian Vocational Training Act further simplified the rules for training the company’s own employees, providing social contribution and tax benefits, as well as labour law and administrative relief for employers registering as dual training providers.

Petra Palicz

2023.09.11VAT

Hungarian VAT implications for UK taxpayers

UK companies have no longer been subject to EU VAT laws since 2021; therefore their Hungarian tax liabilities are governed by different rules. How can VAT regulations be interpreted in this new situation and what have taxpayers experienced since Brexit? In our blog post below we have summarised the most important changes from a VAT perspective.

Tibor Kovács

2023.08.21VAT

What you need to know about VAT registration abroad

Market expansion or typical business transactions of a company may require foreign VAT registration. Below we discuss when a company needs to apply for a tax number abroad and pay local taxes.

Viktória Clamba

2023.08.03Tax

The carbon tax is here

The Hungarian Government Decree 320/2023 (VII. 17.) on the carbon dioxide quota, published on 17 July 2023, has the unconcealed aim of imposing a significant tax on the country\'s largest carbon dioxide emitters, which will mean extra tax liability for dozens of stakeholders, including many foreign-owned companies. Our blog post summarises the most important things to know.

Marcell Andó

2023.07.21Consultancy Tax

R&D investment can reduce extra profit tax of pharmaceutical producers in Hungary

Government Decree 317/2023 (17 July 2023) was published in the Official Journal of Hungary on 17 July 2023, amending the effective Government Decree on extra-profit taxes in several points. One significant change is that pharmaceutical companies may reduce their special tax liability for the tax year 2024 by the cost of R&D activity (investment) aimed at the purchase or production of tangible assets.

Ottó Bulátkó

2023.07.18Consultancy Tax

Minimise your tax risk by business partner due diligence

Many companies only realise the importance of verifying their business partners and the existence of related documentation during a tax authority audit, when they are required to present their contracting procedure and, for certain business partners selected by the tax authority, their due diligence documentation. However, the outcome of the tax audit is often a tax authority report and decision in which the tax authority - citing certain objective circumstances and lack of due diligence - denies the right to deduct VAT included in the invoice received, and imposes a tax penalty, even though performance was duly made. This is because the legal regulations require a preliminary business due diligence procedure to ensure that the content of the invoice is authentic, i.e. that the actual performance is consistent with the invoice.

Bálint Szűcs

2023.07.14Family and Wealth Legal

Company assets in marriage

RSM\'s family lawyers often find that when it comes to business property, spouses cannot decide: who owns the \"company\"? Do the spouses own the business shares jointly or separately? In the case of a business share, it would be easy to define ownership as \"in whose name it is held\", but the question is more complex in the case of matrimonial property.

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