The 40,000-seat stadium is full; spectators are wearing the names of their favorite players on their T-shirts, war-paint on their faces, waving the flags of their team. Excitement peaks as the lights go out and the players appear on the jumbotrons; they take their seats behind the screens followed by the hurricane-like cheering of the crowd...
Following the relevant EU directive, Prof. Dr. Gyula Bándi, Deputy Commissioner for Fundamental Rights Ombudsman for Future Generations of Hungary proposes domestic legislative amendments to make environmental responsibility more effective.
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”).
In the last couple of months, Hungary implemented various transfer pricing rules that may bring the country closer to the international transfer pricing environment. On the other hand, these changes may impose significant additional burden and uncertainties on Hungarian companies.
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