Major differences in the VAT system of the CEE countries to the EU regulations
The 2018 autumn issue of WTS CEE Tax Bridge has been published. It summarizes the most important differences in the VAT system of nine Central and Eastern European countries to the EU regulations: Austria, the Czech Republic, Hungary, Poland, Romania,...
read moreNew withholding tax collection mechanism in Poland
The Ministry of Finance in Poland has recently published the Draft Act to amend the Corporate Income Tax Act (CIT), the Personal Income Tax Act (PIT), the Tax Management Act and certain other acts. The proposed law introduces fundamental changes to the...
read moreMost important privacy statement requirements in terms of form and content at the NAIH
The position of the National Authority for Data Protection and Freedom of Information in Hungary (hereinafter referred to as: NAIH) on the data protection reform, its (former) recommendations as well as resolutions passed in individual cases may serve as a...
read moreSAR, the Russian alternative to “offshores”
In August 2018, the State Duma of the Russian Federation adopted a package of laws designed to create "offshore" zones on Russian territory. Under these laws, special administrative regions (hereinafter SAR) were created in Kaliningrad (Oktyabrsky Island)...
read moreAccounting policies: guidelines for accounting transactions at companies
On the strength of the basic principles and valuation procedures recorded in the Hungarian Act on Accounting, accounting policies most suited to the company’s characteristics and circumstances must be drawn up and set forth in writing. Yet many...
read moreTransfer Pricing for Financial Transactions: WTS Global reply to OECD
WTS Global participates in the public consultation round of the OECD, by providing extensive comments on the non-consensus discussion draft on transfer pricing aspects of financial transactions. The OECD draft issued on 3 July 2018 can be consulted through the...
read more2019 tax package for the Czech Republic
In June 2018 the Government of the Czech Republic adopted a set of tax amendments traditionally referred to as the 2019 tax package for the Czech Republic. This tax package, containing, in particular, amendments to the Income Tax Act, the Value Added Tax...
read moreBusy autumn ahead for companies supporting spectator team sports
In 2017 the European Union gave the green light for another 7 years to the Hungarian system of supporting spectator team sports, i.e. football, handball, basketball, water polo, ice hockey and volleyball. In this article we would like to draw the attention...
read moreNo Austrian RETT upon indirect transfer of shares in a property owning company
According to the national law, Austrian RETT is triggered not only if an Austrian real estate is transferred, but also if at least 95% of the shares in a property owning company are transferred or consolidated in the hands of one single owner. The Annual...
read moreCall-off stock simplification rule – avoiding registration as a Hungarian taxpayer
Manufacturing firms in Hungary normally have a lot of foreign suppliers, mainly from the EU. For taxation purposes it can be particularly important for them to know whether they can apply the call-off stock simplification rule. In this article I would like...
read moreThe most important changes brought by the Lithuanian personal income tax reform
On 13 July 2018 the Lithuanian Parliament adopted important amendments to the Law on Personal Income Tax and to the Law on State Social Insurance. The Lithuanian tax reform affecting employment taxation comes into force on 1 January 2019. The reform...
read moreVAT reclaim – Turkish and Serbian VAT will be reclaimable
Don’t forget, there are less than two weeks left until 30 September, the deadline for any reclaim of foreign VAT. Thanks to this special procedure to be initiated at the Hungarian Tax Authority by submitting an ELEKÁFA form, VAT on an invoice...
read moreNew APA procedure in Ukraine
The Ukrainian Tax Code has contained special rules for advance pricing agreements (APA) since September 2013, when the first transfer pricing (TP) rules were implemented in Ukrainian legislation. Since then the APA procedure has been revised several times....
read moreWTS Global strengthens its footprint in the US
After the South American tax market WTS Global now strengthens its footprint in North America by opening US desk in New York and San Francisco. With this step WTS Global is moving closer to its member firms’ US-headquartered clients and will better support...
read more100% advance an option if residential property not completed by end of 2019
The current legislative environment is fairly favourable for those buying a new apartment or detached house in Hungary. Only 5% VAT is applicable for such turnkey properties until the end of 2019. What can you do as a property developer, what...
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