The new act on excise duty has been amended by the Hungarian Parliament on 21 March 2017. According to the amendment initiated by the Economic Committee, the new act will enter into force on 1 July 2017, i.e. 3 months later than originally planned.
The Hungarian Parliament has started the general debate concerning the new bill on the mandatory filing of country-by-country report by multinational enterprise groups (MNE Groups) located or operating in the EU. The aim is to hinder the aggressive tax-planning practices of the MNE Groups with a total consolidated revenue equal or higher than €750 million by strengthening the mandatory exchange of information. Increased transparency could have the effect of giving MNE Groups an incentive to abandon the above practices.
The Szecsenyi law firm has advised a fund managed by CBRE Global Investors on its sale of the Liget Center in Budapest to M7 Real Estate, acting on behalf of its first Central European fund for third party investors, M7 Central European Real Estate Fund I (M7 CEREF I). Kinstellar advised M7 on the deal.
CMS Budapest has represented BlackRock in leasing a 3,500 square meter space at GTC White House, an office building being developed by GTC Hungary and due for completion in Q1 2018. Lakatos, Koves & Partners advised GTC Hungary on the deal. The agreement was concluded with an option to extend the office area up to 7,700 square meters starting in April 2018.
CMS Budapest has advised the Futureal Group on the sale of the Skypark office building in the center of Budapest and the Sziget Centre shopping mall on the city's outskirts to the OTP Property Investment Fund.
DLA Piper has advised the OTP Prime Property Investment Fund on its acquisition of the Skypark office building in Budapest from the Futureal Group.
At the end of March 2017, the Hungarian Ministry of Justice published the bill of the new act on attorneys at law. The bill includes significant amendments compared to the current regulations. As a main amendment, in house lawyers preparing and countersigning the deeds of the company and acting in court proceedings on behalf of the company would be integrated in the bar association.
Since the publication of Regulation No. 2016/679 of the European Parliament and Council on the protection of natural persons with regard to the processing of personal data and on the free movement of such data (GDPR), it is certain that the regulatory framework of data handling and personal data protection will significantly change.
On November 22, 2016 the Hungarian Parliament adopted the Act on the new Code of Civil Procedure. The new Code, which will enter into force on January 1, 2018, brings many innovations to the current rules of civil actions and out-of-court proceedings to – as per the intentions of the legislator – facilitate the effective resolution of civil disputes that have become more and more complex over time, in social and economic conditions that have changed profoundly since the current Code of Civil Procedure entered into force more than 60 years ago.