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Tax Newsflash

Issue 573 Briefly on the General Data Protection Regulation
Issue 572 Brexit officially kicks off – get ready for the changes with PwC
Issue 571 New opportunity for SMEs to develop their ICT systems with EU funds
Issue 570 Simplified origin certification for goods imported from GSP beneficiary countries
Issue 569 Submission process for Polish VAT returns to get stricter
Issue 568 Summary of the major tax changes in 2016
Issue 567 The new unified electronic form for filing local business tax returns has been published
Issue 566 Changes to environmental protection product fee regulations from 1 January 2017
Issue 565 Threshold for submission of domestic recapitulative statements will change from 1 July 2017
Issue 564 Key amendments to tax laws adopted by Parliament in December 2016
Issue 563 Deadline for claiming default interest on unrecovered VAT will expire at year-end
Issue 562 T. R. U. S. T. - Application for automatic completion of domestic recapitulative statements ("M-sheets")
Issue 561 The latest European Court of Justice decision regarding VAT deduction is in a Hungarian case once again
Issue 560 Key proposals to amend tax laws submitted to Parliament in October 2016
Issue 558 New legal institution brings favourable taxation for motivation of employees, for stock provision
Issue 557 The deadline for foreign VAT refund applications is fast approaching
Issue 556 Social Security Agreement between Hungary and the United States entered into force
Issue 555 Transition to IFRS: What’s at stake from a tax perspective?
Issue 554 More frequent EKÁER audits, modification of EKÁER rules, verification of the taxpayers’ internal EKÁER related processes
Issue 553 Key proposals to amend tax laws submitted to Parliament in June 2016
Issue 552 The picture is getting clearer on the practical aspects of sharing R&D costs among related companies
Issue 551 Implementation of Community customs law nearing completion
Issue 550 Taxpayer classification is underway
Issue 549 Final deadline for limited liability companies to comply with the new Civil Code: 15 March 2016
Issue 548 Tax advance top-up deadline approaching – 20 December 2015
Issue 547 Public health product tax – Tax allowance for health promotion programmes
Issue 546 Data export - Invoicing software
Issue 545 The most important tax legislative changes effective from 2016
Issue 544 Community customs legislation changes – it’s worth preparing in time
Issue 543 Final version of BEPS Country-by-country reporting has been published
Issue 542 New required invoicing software feature
Issue 541 IFRS transition and its possible tax consequences
Issue 540 The deadline for foreign VAT refund applications is fast approaching
Issue 539 Tasks come and go - Mid-year tax changes affecting employees
Issue 538 No more deadline extension: social security exemption of U.S. secondees about to expire
Issue 537 Changing advertising tax rates
Issue 536 PwC EKAER Tool - use it free until 31 May 2015
Issue 535 Mandatory exchange of information between EU Member States on cross-border tax rulings
Issue 534 EKAER Tool
Issue 533 Social Security in case of an assignment, reporting obligation
Issue 532 Cafeteria is still a winner
Issue 531 Changes to the rules on R&D contribution
Issue 530 Achieve higher tax savings by allocating your corporate tax advances for supporting sports and culture by 20 January– prepare your declaration on allocation now!
Issue 529 More stringent rules on transfer pricing comparability analysis
Issue 528 Top up liability deadline 20 December is coming soon
Issue 527 Summary of tax changes taking effect from 2015
Issue 526 Allocating corporate taxes – greater possible tax savings from sports and culture support
Issue 525 New invoicing requirements
Issue 524 Development tax incentive
Issue 523 New amendments to the act on advertising tax
Issue 522 How FATCA impact the nonfinancial multinational companies?
Issue 521 The bill on advertising tax
Issue 520 New tax saving opportunities in the personal income tax system
Issue 518 Tax Authority reveals who should expect a tax audit in 2014
Issue 517 Past projects may also be classified as R&D activities by the Hungarian Intellectual Property Office
Issue 516 Tax advance top-up deadline 20 December
Issue 515 Summary of tax changes taking effect from 2014
Issue 514 Changes to labour taxes and contributions from 2014
Issue 513 Corporate income tax and duty changes to be introduced from 1 January 2014
Issue 512 Changes to the VAT Act from 2014
Issue 511 EU adopts Union Customs Code
Issue 510 Disaster relief services provided free of charge: favourable tax rules and important deadlines
Issue 509 Penalties for delayed submission of Intrastat and price statistics data
Issue 508 Change in the date of application of the Modernised Customs Code
Issue 507 Regulatory relief and restrictions in transfer pricing documentation rules
Issue 506 New tax amnesty on the horizon
Issue 505 VAT treatment of international transactions – possibility to ask for a new type of ruling request
Issue 504 New EU free trade agreements with Peru, Colombia, and Central America
Issue 503 Customs regulations to be observed concerning the Re-public of Croatia’s accession to the EU
Issue 502 Tax benefit of sport support incentive decreased by three quarters.
Issue 501 The earlier tax allowances claimable under the “Karrier-Híd” (Career Bridge) programme and on employees with reduced work capacity remain in force under the same terms and condi-tions.
Issue 500 Top up liability deadline 20 December is coming soon, R and D Contribution should be toped-up in this year first we summarize the recently published changes
Issue 499 We summarize the recently published changes
Issue 498 The concept of economic employer - a new approach to the taxation of expatriates
Issue 497 Proposed changes to indirect taxes
Issue 496 Important changes to the act on the implementation of Community customs law
Issue 495 Proposed changes to personal income tax from 2013
Issue 494 Recent ECJ decisions concerning VAT deduction in Hungary
Issue 493 Widened R and D contribution base
Issue 492 New tax on financial transactions
Issue 491 Changes to the filing of tax returns for domestic transactions subject to VAT
Issue 490 Disaster management contribution may be repealed with retroactive effect
Issue 489 New requirements on document proof for the purchase of goods from German tax resident companies
Issue 488 Agreement between EU and USA on certified economic operators: AEO and C-TPAT are mutually recognised
Issue 487 New Guidelines on tax audits of foreign-based taxpayers registered for VAT in Hungary
Issue 486 Film- and performing art support incentive scheme for taxpayers with non-calendar financial year
Issue 485 New tax in the food sector: the food chain supervision fee
Issue 484 The National Tax and Customs Authority’s areas of focus for tax audits in 2012
Issue 483 Long-awaited proposed FATCA regulations issued on 8 February 2012
Issue 482 Mandatory registration with business chambers
Issue 481 New tax registration procedure and more stringent
supervisory measures in effect from 1 January 2012
Issue 480 Transfer pricing documentation to be simplified
Issue 479 The Hungarian Labour Code was changed as of 1 January 2012
Issue 478 Disastermanagement contribution introduced from 2012
Issue 477 New rules change deadlines for remittance of VAT refunds
Issue 476 Changes in 2012 to the reporting obligation concerning employment of foreign individuals
Issue 475 How much is it actually? – Expected salary increase
Issue 474 The deadline for topping up tax advances
(20 December) is approaching
Issue 473 Tax Changes related to transfer pricing from2012
Issue 472 Changes to excise duty regulations
Issue 471 When management decides
Issue 470 Proposed changes to personal income tax and social
security from2012
Issue 469 Changes to Act CXXVII of 2007 on Value-Added Tax (Pt. 2)
Issue 468 Changes to Act CXXVII of 2007 on Value-Added Tax (Pt. 1)
Issue 467 Tax convention between Germany and Hungary published
Issue 466 Changes in the tax system in 2012
The supervisory review in focus…
Issue 464 New regulations on online gambling in Hungary
Issue 463 Changes to the rules on employing foreign nationals in
Issue 462 Changes to the VAT Act to ensure harmonisation with EU law: a unique tax refund opportunity
Issue 461 Practical advices to the actual amendments to the Labor Code
Issue 460 Ready, set, FATCA! - New FATCA Notice (2011-53) hasbeen issued regarding the U.S. withholding and reporting requirements
Issue 459 A new institution on the Hungarian investment market: the regulated investment company
Issue 458 Favourable changes to the rules on transfer tax for acquisition of companies that own domestic real estate
Issue 457 Judgement of the European Court of Justice in proceedings against Hungary for failure to fulfil obligations in connection with the VAT Act’s provisions on refunding excess VAT
Issue 456 New regulations on the environmental protection product fee
Issue 455 Rules on medical taxes and the R and D allowance for medical tax purposes to change tive
Issue 454 New implementing regulation for the EU VAT Directive
Issue 453 Duties payable on the leasing of commercial real estate
Issue 452 The National Tax and Customs Authority’s areas of focus for tax audits in 2011
Issue 451 Common Consolidated Corporate Tax Base
Issue 450 Planned changes to the Hungarian Labour Code
Issue 449 Official inspection of machine-tool labelling
Issue 448 Changes regarding the rules on foundations
Issue 447 Cost-sharing groups – Tax savings for the financial sector?
Issue 446 Profits attributable to branches – Focus on the financial
Issue 445 FATCA - New withholding and reporting requirements and what Hungarian Financial Institutions need to do.
Issue 444 Year-end corporate income tax return – withholding tax
Issue 443 New social security rules on working in two or more Member States
Issue 439 What kind of tax risks may arise under the amended loss carry-forward rules?
Issue 437 Changes to personal income tax (Part II)
Issue 436 Changes to personal income tax (Part I)
Issue 435 Deferred tax implications of recent changes in Hungarian Tax Law
Issue 434 EU and South Korea sign free trade deal
Issue 433 R and D or no R and D – that is the question
Issue 432 VAT refunds to foreign tax payers
Issue 431 Changes to the income taxation of individuals
Issue 430 New AEO questionnaire
Issue 429 Recent changes in the tax legislation
Issue 428 Special tax on financial organisations
Issue 427 OECD published revised Transfer Pricing Guidelines
Issue 425 Local business tax matters devolve back to local governments
Issue 424 Public donations will be tax exempt
Issue 423 New Civil Code sidelined for the time being
Issue 422 Changes on the rules on reimbursement of commuting expenses from 1 May 2010
Issue 421 Multiple packaging: multiple imposition of the environmental protection product fee?
Issue 420 Tax and Legal Alert series on the regulations of the new Civil Code 11. Business secrets
Issue 419 Tax and Legal Alert series on the regulations of the new Civil Code 10. Foundations
Issue 418 Tax saving opportunities in providing sponsorship for film productions and the performing arts
Issue 417 Tax and Legal Alert series on the regulations of the new Civil Code 9. Damages for infringement of personal rights
Issue 416 Tax and Legal Alert series on the regulations of the new Civil Code 8. Liability of legal persons under the new Civil Code
Issue 415 A summary of the most recent changes affecting corporate income tax
Issue 414 Preparing for Tax Authority audits planned for 2010
Issue 413 Amendments to Labour Code
Issue 412 US and Hungary sign new income tax convention
Issue 411 Changes to property tax following the Constitutional Court’s decision

Pharmaceutical Industry Newsletter

Issue 11
  • Changes to the rules on pharmaceutical promotional activities
Issue 10
  • The medical tax rules are likely to be amended –
    the R+D incentive and the claw-back payment obligation will probably change
Issue 9
  • The medical tax rules are likely to be amended –
    the R+D incentive and the claw-back payment obligation will probably change
Issue 8

  • The accounting of research and development expenditure at the fulfilment of
    the 12% payment obligation and the medical sales representatives’ fee
Issue 7
  • Changes affecting payment obligations in Act XCVIII of 2006 on the safe and economical
    supply of medicinal products and medical devices and the general rules on
    the distribution of medicines
  • Accounting for payments under the volume subsidy agreement
  • New company car tax regulations
  • All for Patent Protection: The patent-related findings of the pharmaceutical
    sector inquiry
  • Amendments to the legal regulation of Product Promotion
Issue 6
  • The effect of the new advertising regulations on the marketing of pharmaceuticals
  • Expected changes in payment obligations in connection with the promotion of pharmaceuticals
  • Practical issues regarding the assumption of payment obligation by distributors
Issue 5
  • Ruling of the Constitutional Court
  • Concerns regarding the VAT treatment of clinical trials
  • Practical issues regarding the assumption of payment obligation by distributors
  • Changing advertising rules
  • Certain legal aspects of generic competition
Issue 4
  • Annual payment obligation for 2007 regarding pharmaceutical taxes
  • Issues concerning data supply to the Health Insurance Supervisory Authority
  • Changing VAT treatment for charitable donations and social responsibility initiatives
  • Dawn Raids in Drug Promotion
Issue 3
  • Payment obligation of foreign companies
  • New Promotion Decree in Effect
  • Non-Interventional Trials Now Require Licensing
  • Therapeutical aids – new ranges of products involved in promotion regulation
  • Information and Data Security in the Pharmaceutical Industry
  • Measuring and Comparing Effectiveness of HR Management
Issue 2
  • License for promotion of prescription medicines versus registration of medical sales representatives
  • Advertising, information provision, donations - system of rules and execution
  • Repayment obligation associated with exceeding the pharmaceutics allotment
  • Changes in pharmaceutics promotion rules
  • The use of financial modeling in the evaluation of the effects of the new regulations to
    enable the right set of management decisions
Issue 1
  • Legal and ethical compliance of marketing strategies
  • IFRS issues: Cooperation and strategic alliances in the pharmaceutical industry
  • Working capital management in the pharmaceutical industry
  • Tax treatement of clinical trials

Retail newsflash

Issue 11
  • The retail sector is in the age of change currently. This is upported by the below summary as well.
    Though the summary describes the region, it is relevant for Hungary as well.
Issue 8
  • Public health product fee
Issue 7
  • Optimal Working Capital management
  • Banking Payment Card data management – Introduction of PCI DSS standard
Issue 6
  • Business gifts and free gifts (Page 2)
  • Environmental protection product fee – what to expect in 2011? (Page 3)
  • Tax changes regarding in-store retail trade (Page 4)
Issue 5
  • Commercial packaging – new take-back obligation (Page 2)
  • News about ECJ cases (Page 3)
  • Is your company appropriately protected against fraudsters? (Page 4)
Issue 4
  • New legislation affecting economic operators in the food industry (Page 2)
  • Providing a possible solution to the difficulties faced by suppliers in the Hungarian food industry (Page 5)
  • The European Commission’s recast block exemption regulation on vertical restraints (Page 8)
  • Our services (Page 10)
Issue 3
  • Impact of the tax audit programme (Page 2)
    • Impact of the tax audit programme on Transfer Pricing issues (Page 2)
    • Impact of the tax audit programme on VAT and other taxes (Page 3)
  • Film Sponsors Needed (Page 4)
  • Retail IFRS Academy (Page 5)
Issue 2

  • Non-refundable subsidies in order to secure jobs
Issue 1
  • Environmental protection product fee – the “worst” tax in Hungary? ( Page 2)
  • Uncertain VAT implications of sales promotions and discounts (Page 4)
  • Aspects of competition law affecting the retail sector (Page 6)

Subsidy Alert

Issue 34 Further opportunities for large enterprises to receive VIP cash subsidy from 1 January 2017
Issue 33 Tender call supporting investments of large companies is available again
Issue 32 New R+D+I subsidy opportunity in Central Hungary - June
Issue 31 New R+D+I subsidy opportunity in Central Hungary
Issue 30 New subsidy available in Central-Hungary for supporting
enterprises’ R&D&I activities
Issue 29 Are you aware of the changes to the rules on EKD investment subsidies?
Issue 28 Important news: modified public procurement rules for subsidized projects
Issue 27 Important change: new public procurement rules for subsidized projects
Issue 26 Tender call for subsidies on R&D Excellence and Competitiveness
contracts (GINOP-2.2.1-15) opens again
Issue 25 The first tender calls for R&D&I have been published
Issue 24 Tender calls for EU-financed subsidies will soon open to support development and
competitiveness of small- and medium-sized enterprises
Issue 23 New rules on stat aid for training employees and for establisihng and improving vocational training facilities
Issue 22 New regulation on investment cash subsidies based on an individual donor’s decision (Print version)
Issue 21 Regional non-refundable cash subsidies continue to be available until 30 June 2014
Issue 20 Non-refundable cash subsidies under the site development and industrial location
Issue 19 Non-refundable cash subsidies for the agricultural and food industries related to R&D projects
Issue 18 Research and development projects are once again eligible
for non-refundable cash subsidies
Issue 17 Non-refundable cash incentive for new job-creating investments
Issue 15 New subsidies are available for R&D projects
Issue 14 Cash subsidies for capacity-extending investments
Issue 13 The regulation of the VIP-subsidy has changed
Issue 12 Training planning becomes simpler and new subsidy opportunity.

Issue 11 State support of job-creating investments
Issue 10 Non-refundable subsidy opportunities aimed at encouraging companies’
R&D&I related investment goals
Issue 9 Subsidy recipients now have the option of modifying the commitments they have
undertaken in their subsidy agreements
Issue 8 Subsidy for training to secure jobs at large corporates
Issue 7 Subsidies in order to promote job-creation oriented investment
Issue 6 Non-refundable subsidies in order to secure jobs (II.)

Issue 5 Non-refundable subsidies in order to secure jobs
Issue 4 Shared service centres: subsidy opportunities and challenges
Issue 3 Non-refundable subsidies to support the R&D activity of enterprises
Issue 2
  • Administrative rules of non-refundable subsidies
  • A company receiving a non-refundable subsidy has to follow special administrative rules during the procedure.
    The procedure involves additional administration, both in the implementation phase of the subsidized
    investment and then during the monitoring period.
Issue 1
  • Non-refundable subsidies available for investments in Hungary
  • There are many forms of non-refundable subsidy available for large companies making greenfield investments or
    extending capacity in Hungary. In line with the aid policy of the European Union, the sources
    of subsidy programmes are the national central budget and the Structural Funds of the European Union.

Accounting alert

Issue 2

More stringent rules on the publication of annual financial statements

Issue 1

Are you prepared for year-end closing? – Deadline for submission of financial statements (31 May) approaches