The Hungarian Parliament has recently adopted an amendment to the Hungarian Competition Act and to the Hungarian Consumer Protection Act. The amendment implements the rules of Directive 2014/104/EU issued by the European Parliament and the Council, which includes the rules of the actions for damages arising from infringements of the competition law provisions.
A bill recently presented by the Hungarian Minister of Justice targets to speed up the registration procedures and the amendment notification procedures of civil organisations. The proposed changes have been definitely created on the basis of the “good practice” of the company registration procedure.
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.
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.
The codification of the new Hungarian Civil Procedure Act has commenced in 2014, for the purpose of which several working committees have been set up. As a result of the preparatory works, the Hungarian Government accepted the bill on the new Civil Procedure Act in 2015, and following a professional debate, the Minister of Justice submitted it to the Parliament on 2 September 2016.
Financial law - Implementation of the “basic bank account” and simplifying the change of a payment account
As a result of the implementation of Directive 2014/92/EU of the European Parliament and of the Council on the comparability of fees related to payment accounts, changing payment account and access to payment accounts with basic features, several decrees have been issued by the Hungarian Government.
A change in the way law firms compete in the Hungarian market was highlighted by Eszter Kamocsay-Berta, Managing Partner of KCG Partners, who explained that, while law firms have tended to compete on fees in an otherwise saturated market over the last few years, there is now a trend of “moving beyond price competition.”