Press release
VAT fixed establishments – definition issues
When reviewing VAT fixed establishments the main factor is checking the definition, but this will not make it absolutely clear what duration results in a VAT fixed establishment.
WTS Klient Newsletter #17/2017
Our latest newsletter #17/2017 has now been released. In this edition we summarise our articles published this week: Use of the government portal The transformation process of companies in Hungary Should you have any questions regarding any of the news, please do not...
The transformation process of companies in Hungary
As previously mentioned in our Challenges during transformation of companies article, managing the transformation process of companies is a long and complex process. Given that transformations can take between six months and one year, and many deadlines have to be...
Introduction of IFRS – legal aspects
Act C of 2000 on Accounting (hereinafter: “Accounting Act”) includes the conditions which must be satisfied for a business organisation to adopt IFRS when preparing its financial statements, and also defines the companies that have to prepare their financial...
Use of the government portal
Act XCII of 2003 on the Rules of Taxation includes the obligations of taxpayers in Hungary, and as such, it defines the range of tax returns and data to be submitted and provided electronically, whilst also regulating registrations for the government portal....
WTS Klient Newsletter #16/2017
Our latest newsletter #16/2017 has now been released. In this edition we summarise our articles published this week: Solving of the capital situation – how to make up for losses? Challenges of Hungarian transfer pricing rules Should you have any questions regarding...
Challenges of Hungarian transfer pricing rules
In this article we draw attention to two different but important issues (and we deliberately don’t call them problems), which occupy prime positions among the challenges of Hungarian transfer pricing rules and crop up from time to time. There is a good chance that...
Solving of the capital situation – how to make up for losses?
It is not uncommon for start-up companies in Hungary to make losses in their early years. Due to accumulating losses, a company’s equity may fall significantly, and it can even become negative. Based on the Hungarian Civil Code, if a company’s equity falls to half of...
WTS Klient Newsletter #15/2017
Our latest newsletter #15/2017 has now been released. In this edition we summarise our articles published this week: Company representation at the NAV – the most important facts Due diligence as part of supplier audit Should you have any questions regarding any of the...
IFRS transition – initial accounting steps
First accounting steps to an IFRS transition: classify and evaluate assets and liabilities under IFRS, compile transition balance sheet.
Due diligence as part of supplier audit
In this article I would briefly like to present a different type of due diligence, which, in terms of methodology, is almost completely the same as the article introducing the due diligence process. Despite the similarity in methodology, there are also significant...
Company representation at the NAV – the most important facts
In the previous parts of our series on financial representation we looked at the importance and the necessity of financial representation. In the first article we dealt with the notion of VAT-registered taxpayers in Hungary, while in the second article we examined who...
WTS Klient Newsletter #14/2017
Our latest newsletter #14/2017 has now been released. In this edition we summarise our articles published this week: Taxation of foreigners’ income in Hungary – definition of tax residency Deadline for Q1 environmental product fee returns draws near Generalised...
Deadline for Q1 environmental product fee returns draws near
20 April is an important date in the area of environmental product fee rules since this is when the Q1 environmental product fee returns have to be submitted in Hungary. What to watch out for when preparing Q1 environmental product fee returns? In 2017 environmental...
Generalised reverse charge mechanism – growing administration?
The VAT gap according to an EU report exceeds EUR 160 billion, of which cross-border fraud accounts for approximately EUR 50 billion in lost revenue every year. This latter figure totals EUR 1.5-2 billion in Hungary. What is the EU doing, what measures can be expected...
