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2018 tax laws

On 13 June 2017, the Hungarian Parliament approved the tax law amendments for 2018. In our opinion, the most important change for our clients compared to the bill (the contents of which were already described in a previous newsletter) is that following a technical...

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Paying and topping up corporate tax

July is just around the corner. This is an important date for companies paying corporate tax because it signals the start of corporate tax advance payments for the current year, based on the profits of the previous year. What is the logic behind this system and how...

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Legal aspects of changing to accounting in a foreign currency

Changing to accounting in a foreign currency is an excellent opportunity for companies to eliminate the majority of problems stemming from exchange-rate fluctuations. However, changing to accounting in a foreign currency requires careful preparation; we have to take...

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When the reason for termination is the employee’s job conduct

An employer needs to be very careful and exercise prudence when the reason for termination is an employee’s job conduct. A hasty decision that does not explore the circumstances, or not comprehensively enough, may lead to the conclusion during a potential lawsuit that...

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Common situations – when is VAT registration unavoidable?

In an earlier article I summarised what we need to know about financial representation, we looked at the benefits of company representation at the NAV, and I analysed how a financial representative can be of help when taking care of tax matters. In this article we...

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Strategic aspects of accounting in a foreign currency

It has been eight years since accounting in a currency other than the forint was made considerably easier for companies in Hungary. Except for credit institutions, practically any company can choose to keep its books and prepare accounts in euros, but now, accounting...

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Terminating employment during probation

Parties to an employment contract can stipulate a probation period of up to three months from the start of the employment relationship – or up to six months in the case of a collective agreement. The probation period is designed so the employer can get to know the...

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Strategic aspects of switching currencies – VIDEO

For eight years now, Hungarian companies have been able to switch relatively easily from the Hungarian forint to keeping their accounting records in a foreign currency, especially euros. But what does accounting in a foreign currency mean, and which companies stand to...

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