On March 10, 2016 the amendments of Act LXXXI of 1996 on Corporate Tax and of Act I of 2004 on Sports entered into force. A brand new form of sponsorship was created which shall be independent of other forms of tax incentives. The only general rule that applies is that the tax incentive claimed on account of the tax pledge (adófelajánlás) must not exceed 70 per cent of the calculated corporate... »

March 24, 2016 the Act on Collection Flat Rate came into effect. As a result of the new act, several provisions of the Act on Accounting have also been amended and sections of the Civil Code have been repealed. If you are interested in this topic for detailed information please contact our legal experts and we will provide you with a short summary.

Based on the general rules, when the Hungarian taxable persons purchasing services from abroad the place of supply of the given service will be situated in Hungary (where the recipient of the service has its fixed establishment that is closely connected with the given service). Further to the place of supply rules, it is also important how to define the date of supply, i.e. the date when the VAT... »

You can consult Dr. László Kelemen and Dr. Zoltán Pályi, the experts of Ecovis Tax Solution about the above topic during the conference organized by System Média (www.systemmedia.hu) on March 17, 2016 in the Hotel Hungaria City Center (1074 Budapest, Rákóczi út 90.). If you are interested in the above topic or you would like to attend the conference, please contact our partners, Dr. László... »

The Civil Code created a new legal form for the protection of the property which may be a flexible alternative for inheritance and also an effective instrument to optimize the transfer of property from a tax point of view. Dr. Gábor B. Szabó, one of the senior partners of Ecovis Hungary Legal gave a lecture on the application of the new legal instrument at the Hungarian Academy of Sciences... »

The Parliament postponed the deadline on the mandatory increase of the registered capital of limited liability companies. The new deadline is March 15, 2017. Shall be noted that all of the companies which already has registered capital of HUF 3,000,000 (or more) are obliged to amend the deed of foundation or the articles of association according to the regulations of the new Civil Code. If you... »

Until December 31, 2016 the owners of arable lands located in residential areas (in Hungarian: „zártkert”) are entitled to initiate a procedure at the land registry to represent the land as „area withdrawn from cultivation”. The advantage of the modification of title is that the lands which are titled as „area withdrawn from cultivation” are not under the strict regulation of the Act on... »