“The Foundation” – Book Review

A long awaited manual on foundations – from dr Gábor B. Szabó, our Senior Partner as co-author.

„The Foundation – a historical,typoligical functional, taxation and asset management omnibus” was published in Spring 2021 by HVG-ORAC. The authors of this handbook in Hungarian language are Gábor B. Szabó, Senior Partner of Ecovis Hungary Legal and two colleagues of him Ákos Menyhei and István Sándor.

This handbook provides a detailed overview of the regulation of foundations, contains an analysis of the establishment, governance legal treatment of assets, asset distribution, transformation and termination of foundations, with specific mention in each segment of the relevant tax and accounting rules.

In addition to a general overview of the regulations the authors also provide detailed guidance on asset management foundations that were introduced in 2019 in Hungary.

In summary, The Foundation gives detailed guidance on the regulations of foundations for practicing lawyers, businesspersons and individuals engaged in the non-profit sector.