NEWS
Heavier fines to come from the Competition Authority
The Hungarian Competition Authority (GVH) issued a statement recently on changes in its method to establish the amount of fines. The bottom line is that companies can expect heavier fines but the authority is willing to offer many options to reduce the fines....
Hungarian M&A market to break a record in 2018
KPMG released its latest analysis on the prospects of Hungarian M&A market in 2018. Based on data from Mergermarket, 32 deals were successfully closed last year with a transaction value exceeding 5 million USD. The global advisor company forecasts that assuming...
New rules of tax procedure in Hungary; foreign bank accounts shall be declared
The Act on Tax Procedures from 2003 has been replaced by new laws: general taxation principles, rules on tax returns and other tax administration as well as the rights and obligations of taxpayers are now regulated in a new act whereas the complete tax procedure will...
GDPR: peering into the compliance of webshops
The starting date of GDPR is dangerously approaching, the date that many companies are afraid of because it sets compliance with data protection to a whole new level. A large group of companies affected by GDPR are the webshop owners since they process customer data...
Beneficial changes for the real estate market; pre-emption right of state on world heritage sites
2018 has brought several changes in taxation of real estate. Tax on renting of properties by individuals has been cut; more money can be paid tax-free to employees for rented flats and more flexible exemption from transfer tax on consecutive transactions. The...
Stricter protection of labour
The Parliament adopted a comprehensive amendment to the laws on protection of labour in November. It mainly concerns health and safety at work; rehabilitation and the promotion of simplified employment. As a result, the Labour Code has changed from 1 January, 2018....
Minimum wage increase, reduction of social tax, cheaper internet – most important tax changes from 1 January
We summarised the most important tax changes that took effect on 1 January, 2018. As of 1 January, 2018, the new minimum wage in Hungary is 138,000 HUF (appr. 440 €) for positions that do not require qualification; and 180,500 HUF (appr. 580 €) for qualified...
New Civil Procedure comes into effect
Hungary has a new Civil Procedure since 1 January, 2018 and it introduced a whole new concept of litigation.
Changing rules in debt collection in Hungary
From this year, claims below 3 million HUF (appr. 9,700 €) may only be enforced in an order for payment procedure. The order for payment procedure (‘fizetési meghagyás’ or ‘FMH’) is the simplest and fastest solution to enforce smaller monetary claims out of court. As...
Competition Authority warns bloggers to mark sponsored content
The Hungarian Competition Authority (GVH) in one of its cases established that a vast part of the consumers follows public figures and private individuals on social media and their commercial activity becomes more and more popular among advertisers. However, among...