Tax News Archive 2013

31.10.2012 Tax News (HU) - Financial transactions tax

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.)
23.07.2012 Tax News (HU): Intermediated services - Local business tax and VAT

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.)
23.07.2012 Tax News (HU): Personal income tax - family allowance

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.)
23.07.2012 Tax News (HU): Reverse charge VAT in agriculture

Under the reverse charge method, the taxable customer is liable to declare the VAT payable instead of the service provider or seller. From 1 July 2012, this method is be extended to the domestic supply of certain agricultural products. The new rule was introduced for a transitional period of 2 years in order to hinder VAT fraud. (This article is available in Hungarian only.)
23.07.2012 Tax News (HU): New tax on telecommunication services

From 1 July 2012, a new tax is payable on various telecommunication services, such as phone calls, SMS and MMS messages. (This article is available in Hungarian only.)
23.07.2012 Tax News (HU) - New Labour Code (*)

The new Labour Code entered into force on 1 July 2012. Our article summarizes the key changes, which concern among others the rules of overtime, granting of holidays, termination of employment, work allowances and the liability of managers and certain other employees. (This article is available in Hungarian and German.) (*) Our summary was prepared together with the law office Bánki & Partner in cooperation with TaylorWessing e|n|w|c. Contact: Dr. Orsolya Bánki, o.banki@taylorwessing.com, www.taylorwessing.com
01.06.2012 Tax News (HU) - Company registration and tax registration rules tightened

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.)