Blog

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.

Levente Almási

2022.12.06Family and Wealth Real Estate

Shadows cast over the private equity fund market

While private equity funds remain dominant players in global financial markets, the current financial and macroeconomic trends may cast some dark clouds over them. Investors will therefore be forced to adjust their proven strategies to achieve or at least approach the returns they have historically experienced.

Mátyás Budai

2022.11.09Tax

Electronic invoicing and archiving - what's beyond the pile of papers?

The move to electronic invoicing could be the first step in transforming administration. An increasing number of companies prefer contactless payments and paperless invoicing and are looking for e-invoicing solutions that are compatible with teleworking, while automating internal processes and increasing efficiency.

Miklós Héhn

2022.11.04Accounting

When should a company opt for foreign currency accounting and taxation?

Recent changes in the forint exchange rate have had a marked impact on the operation and profitability of companies. Currently, less than half a percent of domestic companies keep their books in foreign currency, although for companies where a significant proportion of transactions are not HUF-based or where there are significant amounts of forex transactions, a change in the currency of accounting or even tax payment may be justified. For CIT and LBT tax payments in foreign currency, companies must already take steps by 1 December.

Helga Kiss

2022.11.04Tax

Autumn tax changes 2022 - a summary of the key points of the new tax package

On 18 October, we were presented with a package of tax law proposals containing a number of tax law changes, including significant changes to corporate income tax and long-term investment accounts, while also aiming to simplify administration and tax obligations. We have summarised the main areas and tax types where taxpayers can expect changes.

Lilla Németh

2022.10.27Digital

M2M: the new highway of the Hungarian Tax Authority

We\'re getting used to a bunch of IT terms associated with the Hungarian Tax Authority’s innovations: after XML, eVAT and github, M2M is the new buzzword.

Diána Varga

2022.10.19Tax

This tax allowance can help businesses stay afloat

In the current economic climate, Hungarian businesses are also facing gradually rising energy prices, and are having to pay several times more than they used to for gas and electricity. One way to reduce costs is to invest in energy efficiency, to which the Corporate Tax Act also links a tax allowance.

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