From January 1, 2017, the level of fines to be imposed on companies operating webshops will radically increase and the ministry will manage a public database on the webshops and on their operators which have committed serious violations. The bill has been already submitted to the Parliament. As a consequence of the numerous complaints by consumers in regards to webshops the level of the... »

Hereby we list the most relevant modifications with respect to the administrative rules of taxation: changes with respect to the status of the taxpayers (preferential taxpayers are provided further priviledges but econimically non-acitve companies can not qualify for the preferential status); ’supportive audit’ will be introduced, where the tax authority helps the taxpayer to correct... »

As from 2017 certain rules of local taxes, car tax and stamp duties will be modified. The newsletter lists the modifications: local taxes concept of IP was introduced corresponding to the corporate income tax modification; restriction applied for tax base decreasing for related parties will be modified; IFRS bookkeeping on tax base will be specified. company car tax will... »

The European payment order procedure might be a practical and cost-effective legal solution for the collection of a monetary claim against a debtor with domicile or registered seat in countries of the European Union (except Denmark). The request for the issue of the European payment order has to be filed with any Hungarian notary public exclusively only on paper using the standardised form... »

As from 2017 certain rules of Value Added Taxation will be modified. The newsletter lists the modifications: extending the threshold for VAT exemption for SMEs, extending the list of supplies of goods and services fall within the scope of reduced rate of 5% and 18%, changes of invoicing rules, and the rules to be applied for real estate transactions based on the EU Regulation... »

Impact on corporate tax when you prepare financial statement according to IFRS in 2017 If a Company decided to change local GAAP to IFRS or would like to do that in the future should be aware of new law in corporate tax for 2017. In most cases the profit before tax according to local GAAP is different from PBE according to IFRS but during the first 2 years of using IFRS the corporate tax and... »

On November 8, The Parliament started to discuss the latest government proposal regarding the extensive amendment of the Act on Public Procurement adopted at the end of 2015. The majority of the new rules will enter into effect on January 1, 2017 according to the bill. The amendment would radically transform the rules of public procurements under EU thresholds. One of the most significant... »

This autumn’s tax package was submitted to the Parliament last week, registered under T/12741, containing amendments in all the relevant tax rules in Hungary. Here are some of the most remarkable changes: In case of the Fixed-Rate Tax of Low Tax-Bracket Enterprises (in Hungarian: KATA) the HUF 6 million income threshold will be increased to HUF 12 million and in line with this individual... »

As of 13 October, 2016 modifications had been implemented in the EKAER decree. According to the new rules even if the total weight of vehicle non-subject to toll payment after load-in reaches 3,5 tons, EKAER reporting is only necessary if the gross weight of the non-risky goods exceed 2 500 kg or the total value of the non-risky goods without tax exceeds HUF 5 million. Further change is that... »

A so called simple notification is enough to begin the construction of a new residential building having a total useful floor area of a maximum of 300 sq.m. i.e. no building permit needs to be obtained. The lack of the authority’s preliminary inspection simplifies the procedure of the construction; however it may cause complications afterwards. The building authority’s subsequent inspection... »