Legal

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... »

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... »

Ecovis Hungary Legal senior partner Dr Gabor B Szabo’s article on Hungarian trusts was published in the issue of August 2016 of Offshore Investment Magazine which is one of the leading professional journals in the international tax planning industry. The expert’s article on trusts was written primarily for the international professionals, however it explains the legal instrument introduced by the... »

The Hungarian Government‘s recent plan is to link the invoicing of the companies to the NTCA from July 1, 2017. According to the bill the taxpayers will provide data directly to the NTCA of any invoices issued by their accounting software where the VAT reaches or exceeds HUF 100,000. Providing data to the NTCA would take place automatically and electronically as the invoice is issued ensuring... »

The new Union Customs Code entered into force on October 30, 2013; however most of its substantive provisions apply from June 1, 2016. The UCC is the latest milestone in EU’s customs legislation giving a complex and directly applicable regulation involving new models and mechanism in several aspects of customs law. These areas particularly are customs public proceedings, representation in these... »