Press release
Self-revision – useful information
A self-revision is one of the most important legal institutions of the Act on Rules of Taxation, which allows companies themselves to correct any tax bases filed incorrectly or any tax liability, so as to avoid these issues being detected by the tax authority during a...
WTS Klient Newsletter #11/2017
Our latest newsletter #11/2017 has now been released. In this edition we summarise our articles published this week: Fringe benefit changes: still worth it? Obligation or opportunity? Who can be a fiscal representative? Self-revision – useful information Should you...
Obligation or opportunity? Who can be a fiscal representative?
In the introduction to our series on fiscal representation we mentioned that a foreign company can engage a fiscal representative in the interests of fulfilling its Hungarian tax liabilities. Who has to have a fiscal representative? Experts interested in the details...
Fringe benefit changes: still worth it?
Articles 69-71 of Act CXVII of 1995 on Personal Income Tax (Personal Income Tax Act) regulate in Hungary the tax liability of fringe benefits and other benefits. These rules were modified in several aspects in 2017. Fringe benefits One important element in the fringe...
WTS Klient Newsletter #10/2017
Our latest newsletter #10/2017 has now been released. In this edition we summarise our articles published this week: Challenges during transformation of companies Cash benefit system – simple and great? Reverse charge instead of normal VAT – another Hungarian case...
Reverse charge instead of normal VAT – another Hungarian case before the European Court of Justice
An issue affecting the NAV’s (Hungarian tax authority) inspection and penalty practice was brought to the European Court of Justice in the form of a request for a preliminary ruling. Member States normally use this opportunity if a question arises in respect of...
Challenges during transformation of companies
The Hungarian Civil Code (Act V of 2013) prescribes the main rules of transformation of companies, while the detailed regulation is prescribed by Act CLXXVI of 2013 on the Transformation, Merger and Division of Legal Entities (hereinafter referred to as:...
Cash benefit system – simple and great?
One of the strangest elements of the tax amendment rules in 2017 in Hungary was undoubtedly the financial allowance given as part of the cash benefit system, which qualifies as a fringe benefit and as such is subject to favourable taxation. Until 2017, the purpose and...
WTS Klient Newsletter #9/2017
Our latest newsletter #9/2017 has now been released. In this edition we summarise our articles published this week: • Guidelines for HR professionals – taxation of foreigners’ income in Hungary • Newly established company obligations: registrations, returns, payments...
WTS Klient Newsletter – Readers survey
Almost a month ago we launched our weekly newsletter, the WTS Klient Newsletter, in which we strive to provide you with useful taxation, legal and accounting information every week. We have held a lot of in-house discussions on topics and articles as well as what our...
Key changes to environmental product fee rules from 1 January 2017
It would have been unusual not to start the year seeing a few changes when studying the legislation on environmental product fee rules. Amongst other things there have been changes to export chain transactions, and the group of vehicles where a flat-rate product fee...
Newly established company obligations: registrations, returns, payments
Newly established company obligations in Hungary include many registration and filing obligations, and the company’s tax payments also have to be gauged.
Guidelines for HR professionals – taxation of foreigners’ income in Hungary
The deadline for submitting personal income tax returns is drawing near and because an increasing number of enterprises have foreign employees, it can often be difficult to judge whether these individuals have to pay taxes or submit personal income tax returns in...
WTS Klient Newsletter #8/2017
Our latest newsletter #8/2017 has now been released. In this edition we summarise our articles published this week: • The need for a due diligence • Local business tax can change each year, and depending on where you are • Taxpayer ratings Should you have any...
Taxpayer ratings
The rating of taxpayers was the big new thing in 2016. Basically, the NAV evaluates taxpayers based on various statutory parameters and can rate them as either reliable or risky. Depending on the rating, taxpayers are subject to more favourable or less favourable...
