Under the Hungarian Advertisement Tax Act, companies are taxed at a rate depending on their advertisement turnover. Accordingly, companies with a higher advertisement turnover are subject to higher, progressive tax rates. As to the companies that made no profits in 2013, the Advertisement Tax Act contained the possibility to deduct the tax base with their losses carried forward.
According to Marton Domokos, Senior Counsel of CMS in Budapest, one of the hottest topics in Hungary at the moment is the new set of data protection recommendations issued by the country's Data Protection Authority (DPA), which he says have a wide range of ramifications in terms of employment policies.
Dentons has advised GLL Real Estate Partners, a Munich-based international real estate investor and asset manager, on the acquisition of Vaci 1, a landmark retail and office building in downtown Budapest for a separate account mandate from Bayerische Versorgungskammer, from Horizon Development, a Hungarian real estate development, property management, leasing and marketing company. Lakatos, Koves & Partners advised Horizon on the deal.
Amendments to the Hungarian Labor Code entered into force in June 2016. The amendments were approved as part of the Act on the State Budget 2017 and are rather technical, mostly involving provisions that ensure compliance with recently amended European legislation. In this article, we briefly summarize the most important amendments to the Labor Code.
Schoenherr has advised Italian private equity firm Quadrivio SGR S.p.A. on the Hungarian and Slovakian legal aspects of the acquisition of a 70% stake in Farmol S.p.A., and its Hungarian subsidiary Farmol Hungary Kft, from Old Mill Holding S.p.A., an Italian investment holding company. The consideration was not disclosed, and the founders and management team of Farmol will retain the remaining 30% equity stake. The closing of the transaction was announced on October 21, 2016.
16 November 2016, 09:00 - 10:30: CMS Budapest are hosting a business breakfast on EU General Data Protection Regulation – Preparatory Tasks
On September 22, 2016, CEELM reported that CA Immo had purchased the Millenium Towers office complex in Budapest in what was described as the biggest real estate transaction of this year in Hungary. CA Immo’s Group Head of Legal Affairs Ingo Steinwender agreed to elaborate on the acquisition.
In The Corner Office, we invite Managing Partners at law firms from across the region to share information about the strategies they employ to keep their teams motivated, effective, and focused. For this issue, we asked them to reveal what sorts of firm retreats and activities they host and/or organize for their lawyers.
In “The Buzz” we interview experts on the legal industry living and working in Central and Eastern Europe to find out what’s happening in the region and what legislative/professional/cultural trends and developments they’re following closely. Because the interviews are carried out and published on the CEE Legal Matters website on a rolling basis, we’ve marked the dates on which the interviews were originally published.