Blog

2023.03.08Consultancy VAT

The new form of VAT filing – eVAT M2M XML

The eVAT M2M system will become an increasingly common solution for VAT filing processes in the future. Although the eVAT M2M system offers many advantages for taxpayers and tax authorities, its implementation also poses challenges for both parties and expert support may be needed. If properly prepared and managed, eVAT communication will enable companies to meet their tax obligations more efficiently and easily. The Hungarian Tax Authority plans to start the test run in autumn 2023 and to go live in the first half of 2024.

Dániel Sztankó

2023.03.07Consultancy VAT

Permanent establishment for tax purposes

In our latest blog post on the specifics of permanent establishments, we have collected what foreign businesses should pay attention to from a tax perspective if they carry out permanent work in Hungary at fixed sites. The existence of a permanent establishment may require the establishment of a branch office or may give rise to VAT and/or corporate income tax liabilities. We will explain in detail what is meant by the so-called permanent establishment risk and what is meant by the concept of a fixed establishment for VAT purposes.

Mátyás Budai

2023.03.01Consultancy

Electronic invoicing: new rules and requirements from 2024

The digital age and the rapid expansion of e-commerce have brought about changes in taxation and invoicing as well. In December 2022, the European Commission proposed amendments to the VAT Directive as part of the \"VAT in the Digital Age\" initiative. Changes include significant amendments to invoicing rules, some of which could enter into force in 2024. Later on, e-invoicing would become mandatory for all businesses for transactions within the EU.

Miklós Héhn

2023.02.28Accounting

Most important accounting changes in 2023

The beginning of the year is a busy period for the accounting and finance departments of every company, since this is the time when the accounting changes and regulations that entered into force at year-end are being implemented and applied in the company\'s accounting and audit systems. We have summarised the most important accounting changes that businesses need to be aware of in 2023.

Krisztina Reinics

2023.02.17Accounting

IFRS and deferred taxes – key accounting aspects Updated!

IFRS does not only address current tax effects and current tax, but also future income tax consequences, taking into account the so-called deferred tax, which is to be recognised in the IFRS financial statements under IAS 12.

István Falcsik

2023.01.20Tax

The Hungarian waste management system is radically transformed with the introduction of the EPR fee. Companies have 6 months to prepare

In line with EU waste management directives, Hungarian waste management rules are expected to change significantly from July 2023. In addition to the environmental product charge, companies will have to get familiar with a new term, as the extended producer responsibility will affect a wide range of businesses. All companies concerned should prepare in good time for the radical changes in the waste management system.

Edina Pentz

2023.01.20Payroll

Changes to the Labour Code effective as of 1 January 2023 and what employers should be aware of

The new provisions of the Act on the Labour Code (Labour Code) effective as of 1 January 2023 were published in the 21 December 2022 issue of the Hungarian Gazette, which turned out to be somewhat of a Christmas present for employers, payroll staff and labour lawyers in the form of administrative duties for the new year. Below we would like to summarise the most important changes to the Labour Code from the employers’ perspective.

Gábor Fajcsák

2023.01.06Tax

Tax news of 2023 - Summary of the tax changes coming into force from 2023

The summer and autumn 2022 tax packages will bring important tax changes for companies from 2023. In addition to changes affecting the key tax types – VAT, CIT, LBT, transfer pricing, PIT – let us discuss modifications in other areas of taxation.

Edina Pentz

2022.12.16Payroll

Minimum wage and guaranteed wage minimum in Hungary 2023

As from 1 January 2023, the amount of minimum wage is HUF 232,000 and the amount of the guaranteed wage minimum is HUF 296,400 in Hungary

János Karczub

2022.12.16Consultancy

Transfer pricing data to be reported in the CIT return

A draft amendment to the transfer pricing decree is now available, detailing the data that will need to be included in the corporate income tax return from 2023 onwards in relation to transfer pricing documentation in Hungary. In addition to the new administrative task, the documentation threshold value is expected to change and the number of transactions to be documented may be reduced.

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