Legal

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... »

The Competition Authority will increasingly focus on online commerce in combatting anti-competitive agreements in the coming years.   A webstore may expect a massive monetary penalty if the Competition Authority finds out that the resale and algorithmic price fixings or geographical content blocking (geo-blocking) agreements of the webstore infringe the rules on the prohibition of... »

From July 1, 2017, rules on registered office services will be tightened.   Several companies register virtual offices at the company court of registration which means that the company does not actually operate at that place but postal deliveries are taken over by this service provider. Multinational enterprises often choose to establish daughter companies for taxation or any other... »