Press release
New law on CbC Reporting in Russia
On 27 November 2017 the country’s parliament adopted a new law on transfer pricing issues in Russia in connection with the implementation of international exchange of information and documentation on international groups of companies. It took effect on the day of its...
What is the connection between the construction boom and the VAT on new apartments?
It is possible that the VAT on new apartments remains preferential in Hungary even after 31 December 2019, but decision is not expected before autumn.
Optional split payment in Poland from July 2018
The country’s president signed the new legislation on optional VAT split payment in Poland at the end of 2017. The law introduces an option to split the payment of a VAT invoice into two separate payments. In December 2017, the President of Poland signed...
Fringe benefit system in 2018 in Hungary: more on offer for employees
Retaining or setting up a fringe benefit system could be a very important tool for motivating employees in 2018. Taxation rules pertaining to other benefits in the fringe benefit system have undergone favourable changes in Hungary, leaving more for...
Registration of beneficial owners of Czech companies
An amendment to the Czech Public Registers Act entered into force on 1 January 2018. The amendment will require the ultimate beneficial owners of Czech companies to be identified. All legal entities entered in public registers, in particular trading...
Management of personal data prior to employment
The General Data Protection Regulation (GDPR) of the EU shall be mandatory and directly applicable in all Member States, including Hungary, from 25 May 2018. In light of this it is crucial for data managers and processors to review the legal framework of...
The new Latvian corporate income tax system will increase focus on transfer pricing
Among other significant changes to the Latvian corporate income tax system, new requirements have been introduced for controlling related party transactions. New transfer pricing documentation requirements related to preparing Master and Local files are...
The most important data reporting obligations to look out for at the start of the year
As one of our first tasks at the beginning of the year, it is high time we considered the data reporting obligations that companies as taxpayers have to comply with in January. In this article we will present three reporting obligations to the tax...
Tax inspections are based on accounting records – VIDEO
During a comprehensive tax inspection the tax authority makes its findings based on the items, lists, general ledger sheets and sub-ledgers extracted from the accounting records on a test basis. How can we prevent unfavourable findings? What is the task of...
Comprehensive tax audit from an accounting perspective
A comprehensive tax inspection in Hungary is generally based on all of the business events included in a given accounting system. Thus during the inspection, the primary task of the accounting professionals is to provide data for the...
What kind of legal remedy tools are available in tax administration procedures?
A tax authority inspection is usually closed with the handover of the inspection report, or if it is posted, then as of the postage date. Completing the operative phase of a comprehensive inspection unfortunately often means resorting to legal assistance,...
Legal remedy procedure after a tax inspection – VIDEO
If a comprehensive tax inspection closes with a tax shortfall, then after receiving the report the inspected business often has to decide whether it wants to resort to a legal remedy procedure. What legal tools do we have? What are their conditions? Dr....
Increasing administration when deducting input VAT
A significant modification entered into force on 1 January 2016 relating to the deduction of input VAT in Hungary, which so far has not resulted in much change to companies’ tax return filing practices. Yet as the end of the year draws near, it is worth revisiting the...
On average, a Hungarian business spends 34 working days on administration every year
“The government’s measures are aimed at significantly reducing the current average of 277 hours, or 34 working days, spent by enterprises on administration per year” – said Csilla Tamásné Czinege, Deputy State Secretary for Taxation Issues at the NAV, on...
Rules for deductions from wages
Deductions from wages are subject to strict legal regulations. In our article we summarise the rules that affect this action by employers. This is because an employer can only make deductions from wages in the cases provided for by law. Deductions from wages may only...
