Budapest

At the beginning of 2012, several changes were introduced that affected the registration of companies in Hungary. As a result, the procedure became more expensive, slower and more complicated. Before the issuance of the tax identification number, a separate tax registration procedure is carried out. The tax authority examines - based on the reported data and from the data received from the Company Court - the circumstances that could hinder the issuance of a tax number based on the law. It is possible to appeal against the tax authority's decision, but please beware the short deadlines. (This article is available in Hungarian and German.)

The rules of the family allowance have been modified as of 1 January 2012. The amount of the tax allowance remained unchanged. The personal income tax base may be reduced by HUF 62,500 per month and per dependent individuals if the taxpayer has one or two such dependent family members. If there are three or more dependent family members, the personal income tax base may be reduced by HUF 260,250. (This article is available in Hungarian only.)

Companies often receive services that are directly recharged to their customers or to other entities within the company group. Special VAT and local business tax rules apply to these services, which are not new, but give rise to a lot of misunderstanding in practice. Therefore, our article summarizes the key aspects that should be considered with regard to such services. (This article is available in Hungarian only.)

From 2013, a new financial transaction tax will be introduced. Among others, the following financial transactions will be taxable: bank transfer, direct debit, cash payment from bank accounts, cash transfer, payment on cheque, etc. (This article is available in Hungarian only.)