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Tax Newsflash

 

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Issue 490 Disaster management contribution may be repealed with retroactive effect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 (463 KB) New requirements on document proof for the purchase of goods from German tax resident companies
Issue 488 (201 KB) Agreement between EU and USA on certified economic operators: AEO and C-TPAT are mutually recognised
Issue 487 (232 KB) New Guidelines on tax audits of foreign-based taxpayers registered for VAT in Hungary
Issue 486 (557 KB) Film- and performing art support incentive scheme for taxpayers with non-calendar financial year
Issue 485 (423 KB) New tax in the food sector: the food chain supervision fee
Issue 484 (391 KB) The National Tax and Customs Authority’s areas of focus for tax audits in 2012
Issue 483 (518 KB) Long-awaited proposed FATCA regulations issued on 8 February 2012
Issue 482 (578 KB) Mandatory registration with business chambers
Issue 481 (391 KB) New tax registration procedure and more stringent
supervisory measures in effect from 1 January 2012
Issue 480 (454 KB) Transfer pricing documentation to be simplified
Issue 479 (263 KB) The Hungarian Labour Code was changed as of 1 January 2012
Issue 478 (413 KB) Disastermanagement contribution introduced from 2012
Issue 477 (587 KB) New rules change deadlines for remittance of VAT refunds
Issue 476 (408 KB) Changes in 2012 to the reporting obligation concerning employment of foreign individuals
Issue 475 (369 KB) How much is it actually? – Expected salary increase
Issue 474 (371 KB) The deadline for topping up tax advances
(20 December) is approaching
Issue 473 (607 KB) Tax Changes related to transfer pricing from2012
Issue 472 (212 KB) Changes to excise duty regulations
Issue 471 (296 KB) When management decides
Issue 470 (325 KB) Proposed changes to personal income tax and social
security from2012
Issue 469 (304 KB) Changes to Act CXXVII of 2007 on Value-Added Tax (Pt. 2)
Issue 468 (319 KB) Changes to Act CXXVII of 2007 on Value-Added Tax (Pt. 1)
Issue 467 (294 KB) Tax convention between Germany and Hungary published
Issue 466 (353 KB) Changes in the tax system in 2012
Issue 465 (311 KB) SPECIAL REMEDIES IN TAX PROCEDURES
The supervisory review in focus…
Issue 464 (298 KB) New regulations on online gambling in Hungary
Issue 463 (273 KB) Changes to the rules on employing foreign nationals in
Hungary
Issue 462 (336 KB) Changes to the VAT Act to ensure harmonisation with EU law: a unique tax refund opportunity
Issue 461 (417 KB) Practical advices to the actual amendments to the Labor Code
Issue 460 (272 KB) Ready, set, FATCA! - New FATCA Notice (2011-53) hasbeen issued regarding the U.S. withholding and reporting requirements
Issue 459 (259 KB) A new institution on the Hungarian investment market: the regulated investment company
Issue 458 (285 KB) Favourable changes to the rules on transfer tax for acquisition of companies that own domestic real estate
Issue 457 (229 KB) 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 (183 KB) New regulations on the environmental protection product fee
Issue 455 (272 KB) Rules on medical taxes and the R and D allowance for medical tax purposes to change tive
Issue 454 (352 KB) New implementing regulation for the EU VAT Directive
Issue 453 (260 KB) Duties payable on the leasing of commercial real estate
Issue 452 (292 KB) The National Tax and Customs Authority’s areas of focus for tax audits in 2011
Issue 451 (260 KB) Common Consolidated Corporate Tax Base
Issue 450 (232 KB) Planned changes to the Hungarian Labour Code
Issue 449 (196 KB) Official inspection of machine-tool labelling
Issue 448 (272 KB) Changes regarding the rules on foundations
Issue 447 (344 KB) Cost-sharing groups – Tax savings for the financial sector?
Issue 446 (296 KB) Profits attributable to branches – Focus on the financial
sector
Issue 445 (303 KB) FATCA - New withholding and reporting requirements and what Hungarian Financial Institutions need to do.
Issues 444 (287 KB) Year-end corporate income tax return – withholding tax
Issue 443 (237 KB) New social security rules on working in two or more Member States
Issue 439 (212 KB) What kind of tax risks may arise under the amended loss carry-forward rules?
Issue 437 (229 KB) Changes to personal income tax (Part II)
Issue 436 (245 KB) Changes to personal income tax (Part I)
Issue 435 (249 KB) Deferred tax implications of recent changes in Hungarian Tax Law
Issue 434 (38 KB) EU and South Korea sign free trade deal
Issue 433 (52 KB) R and D or no R and D – that is the question
Issue 432 (165 KB) VAT refunds to foreign tax payers
Issue 431 (171 KB) Changes to the income taxation of individuals
Issue 430 (162 KB) New AEO questionnaire
Issue 429 (180 KB) Recent changes in the tax legislation
Issue 428 (199 KB) Special tax on financial organisations
Issue 427 (165 KB) OECD published revised Transfer Pricing Guidelines
Issue 425 (164 KB) Local business tax matters devolve back to local governments
Issue 424 (40 KB) Public donations will be tax exempt
Issue 423 (43 KB) New Civil Code sidelined for the time being
Issue 422 (56 KB) Changes on the rules on reimbursement of commuting expenses from 1 May 2010
Issue 421 (41 KB) Multiple packaging: multiple imposition of the environmental protection product fee?
Issue 420 (48 KB) Tax and Legal Alert series on the regulations of the new Civil Code 11. Business secrets
Issue 419 (47 KB) Tax and Legal Alert series on the regulations of the new Civil Code 10. Foundations
Issue 418 (45 KB) Tax saving opportunities in providing sponsorship for film productions and the performing arts
Issue 417 (45 KB) Tax and Legal Alert series on the regulations of the new Civil Code 9. Damages for infringement of personal rights
Issue 416 (44 KB) 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 (45 KB) A summary of the most recent changes affecting corporate income tax
Issue 414 (49 KB) Preparing for Tax Authority audits planned for 2010
Issue 413 (46 KB) Amendments to Labour Code
Issue 412 (57 KB) US and Hungary sign new income tax convention
Issue 411 (65 KB) 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 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