Press releases

What’s new in the autumn tax package?

What’s new in the autumn tax package?

On 19 October 2018, the Government submitted a draft tax package to the Hungarian National Assembly. In addition to a couple of restrictive provisions, the package contains a number of new benefits available to taxpayers. The most significant changes include amendments to the cafeteria system, a transitional provision related to the reduced VAT rate on new apartments, a substantial increase in the threshold for VAT exempt status, as well as the introduction of a group taxation regime for corporate income tax purposes. We summarize below the key elements of the draft tax package. It is important that the package should be considered as a proposal only, pending approval of the National Assembly. Once finalized and ratified, we will prepare a detailed newsletter reflecting the final wording of the tax law changes.


Blog

Gábor Luczó: CbCR is upon us

Gábor Luczó: CbCR is upon us

Further to the developments on the level of the OECD and the EU the first deadline regarding the country-by-country reporting (“CbCR”) obligation is approaching in Hungary as well. The new statutory obligation pertains to Hungarian resident companies that were, in the fiscal year preceding the reporting fiscal year, members of a company group with a total annual consolidated group revenue exceeding EUR 750 million. The new obligation requires the companies to submit certain administrative and in certain cases financial data of their own and their group members’ operation to the Hungarian Tax Authority (“HTA”).

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