Tax – Blog | RSM Hungary

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.

Helga Kiss

2023.06.16Tax

2023 summer tax package in Hungary – a summary of the main changes

On 6 June a package of tax bills containing a number of changes was announced, including significant modifications to VAT, personal income tax, corporate income tax, extra profit tax, local business tax, customs and excise regulations, as well as NETA (Public Health product tax). We have summarised the main tax types where taxpayers, especially companies, should expect changes from 2024. However, in many cases, changes could come into force as early as 2023.

Szilvia Süli

2023.06.03Tax

How will the new social contribution tax affect investments in Hungary?

Pursuant to Government Decree No. 205/2023. (V. 31.) published on 31 May in the Official Journal of Hungary, as of 1 July 2023 interest income under the PIT Act – except for interest income from investment units of real estate funds – shall be subject to a 13% social contribution tax (“szocho”) in addition to the 15% personal income tax (PIT) during the state of emergency announced by Government Decree No. 424/2022. (X. 28.). The state of emergency is currently scheduled to last until 26 November 2023, but it cannot be ruled out that it will be extended again.

Mátyás Budai

2023.05.25Digital Tax

Important changes planned by the Hungarian Tax Authority

Ever since the launch of the Online Invoice System, the Hungarian Tax Authority has been implementing both minor and major changes to the platform from time to time. Most recently, a change affecting a large number of businesses was announced by the Tax Authority in January, which was originally planned to go live on 15 May. However, according to the most recent news from the Hungarian Tax Authority, the go-live of the change has been postponed until 18 September. This means that companies that have failed to prepare for the changes involving corrective and cancellation invoices have nearly four more months to get ready

Dániel Sztankó

2023.05.24Tax

Stricter EKAER requirements for certain food products on a temporary basis

Government Decree No. 130/2023. (IV. 18.) issued on 18 April sets out new requirements for the Electronic Trade and Transport Control System (EKAER) and the obligation to provide security which apply to certain so-called sensitive goods. The new Hungarian EKAER requirements are temporary and are effective until 1 July 2023.

János Karczub

2023.03.29Tax

Decree containing detailed transfer pricing rules issued

The decree containing the detailed rules for transfer pricing has been issued without substantial changes*, the draft version of which and the scope of the future transfer pricing reporting obligation were previously presented in our blog. Starting from 2023, taxpayers will be subject to a new reporting obligation regarding their transfer pricing reports, as information on related-party transactions will need to be included as a new element in corporate income tax returns as well. In addition to this new administrative obligation, the threshold for preparing reports has also changed. The most important changes and tasks for companies following the entry into force of the final transfer pricing decree are presented below.

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.

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.

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.

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.

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