Press release
WTS Klient Newsletter #27/2017
Our latest newsletter #27/2017 has now been released. In this edition we summarise our articles published this week: Taxing income from employment in Hungary in the case of foreigners Why is outsourcing payroll useful? Should you have any questions regarding any of...
The latest edition of the WTS Global Transfer Pricing Newsletter has been released
The newsletter summarizes new developments in the field of transfer pricing for 10 countries and has been prepared by local TP experts within the global network of WTS. This issue focuses especially on developments resulting from the BEPS project. You can download WTS...
Why is outsourcing payroll useful?
Payroll is an increasingly complex process, which is just as indispensable for business administration at companies as bookkeeping, tax consulting or audit. Company owners and managers typically decide on outsourcing payroll for the following...
Electronic data reporting – draft legislation on invoicing software programmes now available!
The draft legislation on invoicing software has finally been published. Below we provide you with the information you need on this new administrative obligation in an easy to understand Q&A format. What do you need to report data on? Electronic data...
Taxing income from employment in Hungary in the case of foreigners
In an earlier article on the income taxation of foreigners we outlined that if there is a double taxation treaty between Hungary and the other country concerned, then with the help of this treaty we can establish the country employees have to pay personal income tax...
Tax implications of changing to a foreign currency
An increasing number of Hungarian companies have taken advantage of the legal opportunity and chosen to keep their accounting records in a foreign currency instead of in forints. In addition to the accounting and legal aspects, it is crucial to take the most important...
WTS Klient Newsletter #26/2017
Our latest newsletter #26/2017 has now been released. In this edition we summarise our articles published this week: Paying and topping up corporate tax Reporting according to cash-flow approach and profit/loss approach Should you have any questions regarding any of...
Reporting according to cash-flow approach and profit/loss approach
The profit/loss of companies for a given year is shown in the income statement, which forms part of simplified or annual financial statements prepared during the annual closing. According to the Accounting Act, the results of business activities can be established...
Taxation aspects of transitioning to a foreign currency – VIDEO
It is clear for professionals in Hungary that the number of Hungarian companies switching to accounting in a foreign currency is growing. Besides the relevant accounting and legal considerations, it is also very important to be fully aware of the taxation aspects of...
30 June is an important deadline for the acquisition of member shares: here is the reporting form!
Act CXCIV of 2011 on the Economic Stability of Hungary (“Gst.”) enables shares issued by legal entities and other organisations, or other transferable member shares, to be acquired with no tax payment liability for the acquiring party. It is important to clarify right...
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...
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...
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...
WTS Klient Newsletter #25/2017
Our latest newsletter #25/2017 has now been released. In this edition we summarise our articles published this week: When the reason for termination is the employee’s job conduct Signing of multilateral convention: another milestone in the BEPS Action Plan Should you...
Signing of multilateral convention: another milestone in the BEPS Action Plan
The signing ceremony of the multilateral convention to implement tax treaty related measures to prevent Base Erosion and Profit Shifting (BEPS) took place on 7 June 2017 in Paris. Multilateral convention facilitates implementation of BEPS Action Plan 68 countries –...
