In this article, we would like to explain how the in-kind contribution of a tangible asset should be accounted for and why this type of tangible asset derecognition should be treated differently.
First of all, it is important to emphasize that tangible assets can be disposed on several titles, the most common of which are:
- sale
- transfer in kind
- transfer free of charge
-... »
Accounting
March 31, 2020
In this article, we would like to explain how corporate tax group members should account for corporate tax liability in a group corporate taxpayer. As the legal entity of a group corporate taxpayer is known to have been introduced as of January 1, 2019, it may be important to consider the following when calculating the current corporate tax liability.
First of all, it is important to emphasize... »
January 30, 2018
Corporations may face some trouble with approved but unpaid dividends. If they revoke the general meeting resolution which approved the dividend the proprietors can decide by releasing the dividend. See on the following how this affects taxation:
Regarding the corporate tax and dividend law (year 1996, LXXXI law 29/Q. § (3) paragraph) the ammount of unpaid released dividend, accounted as... »
January 10, 2018
When selling digital currency, we must check if this generates profit or loss. In case of companies this should be shown as financial income or expenditure. In case of individuals even the fund of cryptocurrency is taxable.
In order to obtain Bitcoin one method is the „Bitcoin Mining”. The kernel of this is that the individual can obtain money through the use of a software. Currently the value... »
December 19, 2016
From January 1, 2017 resident taxpayers’ tax number must be indicated on issued invoices provided that the output tax in the invoice reaches or exceeds 100 000 HUF.
According to the current legislation now this limit is 1 million HUF.
Attention must be given to the temporary regulations: when the given invoice was issued in 2016 but the completion date is 2017 and the output tax... »
December 16, 2016
The amendment in the accounts of grants, typically in case of projects with final payment, is one of the most significant changes of the new accounting rules entered into effect last summer.
Common feature of applications with final payment is that the income from the grant related to the incurring costs and expenses of the given fiscal year only appears in the following fiscal year since the... »
