When selling digital currency, we must check if this generates profit or loss. In case of companies this should be shown as financial income or expenditure. In case of individuals even the fund of cryptocurrency is taxable. In order to obtain Bitcoin one method is the „Bitcoin Mining”. The kernel of this is that the individual can obtain money through the use of a software. Currently the value... »

There is only 2 years left to reclaim VAT without self revision. There was a change in section 153/A par. (1) of Law on VAT 2007. CXXVII. in 2016. Before this change the Companies could reclaim VAT without self revision within 5 years. Due to change in 2016 this period has been decreased to 2 years. So this means that VAT reclaimable with performance date in 2016 could be deducted latest in... »

The Constitutional Court decided: rules of the inheritance in the act on the trading of agricultural lands are to be changed. The Constitutional Court ruled that the Parliament caused unconstitutionality by failure when adopted the act on the trading of agricultural lands.   Previously, we discussed in details the topic of inheritance of agricultural lands including that in case of... »

The information letter recently released by the tax administration (‘NAV’) is useful for those who are about to buy land as it not only explains the rules on land acquisitions exempted from duties but also advises on the inspection of the compliance with the said rules.   The tax administration accepts the undertakings of the conditions for exemption from duties simply on the grounds of... »

We are pleased to announce that new experts have joined ECOVIS HUNGARY.   From September 2017 Dr Szilvia GECSER joined as an associated attorney who specializes in data protection law. The senior lawyer who works in Hungarian and English has been the member of the Budapest Bar Association since 2004.   Our office has long expertise in the field of mining law. Our colleague, equity... »

Ecovis Hungary Legal has signed a cooperation agreement with the National Association of Large Families (NALF) heavily discounting its legal services for NALF members.   A minimum discount rate of 15% applies to all types of cases: reduced rates are available for any legal matter from transfer of ownership of a real property through issues of companies or other entities and to classical... »

The entry into force of the Act LIII of 2017 on the Prevention and Combating of Money Laundering and Terrorist Financing (‘new AML’) on 26 June 2017 has a particular significance from a data protection perspective. Now the new regulation makes it possible to photocopy and store the documents of a personally appearing client which is a 180-degree change compared to the previous regulations.... »

The so called “support procedure” has been introduced by § 90/A and 90/B of the Act XCII of 2003 on the rules of taxation since January 1, 2017. This is mostly the case for those who provide short-term accommodation through Airbnb. It is important and worthwhile to cooperate with the tax administration (NAV).   In 2017 a new era started at the NAV: Instead of punishing taxpayers, the tax... »

On June 26, 2017 the Act LIII of 2017 on the Prevention and Combating of Money Laundering and Terrorist Financing came into effect introducing many substantial changes for attorneys regarding their client reporting obligations.   Attorneys are still required to comply with their client due diligence and reporting obligations as long as they manage client money or asset as a deposit, or are... »

Provisions of the Government Decree on consumer contracts relating to webshop purchases changed on May 6, 2017.   The amended rules of the Government Decree 45/2014 (II.26.) fine-tuned the already existing provisions but at the same time also introduced new elements for the protection of consumers.   One of the innovations is that consumers may withdraw their submitted orders... »