17
Tue, Jan
48 New Articles

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.

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. 

On 22 November 2016 the Hungarian Parliament approved the autumn tax package. In addition to the two main objectives of the changes (i.e. reducing the tax charges and increasing competitiveness), decreasing tax bureaucracy has also become important.

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.

Construction inspection fines have been amended significantly 

After three years, the regulations on the construction inspection fines had been conceptually amended again as of June and July 2016.

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.”

KCG Partners at a Glance

KCG Partners is a Hungarian business law firm providing a comprehensive range of legal services to international and local clients seeking local knowledge and global perspective. The firm comprises business-minded lawyers with sector-specific expertise, creating value for clients by applying a problem-solving approach and delivering innovative solutions.

The firm has a wealth of knowledge in corporate law, M&A, projects and construction, energy, real estate, tax, employment, litigation, privacy and forensics, securitization, estate planning and capital markets.

To address clients’ regional and international concerns, the firm maintains active working relationships with other outstanding independent law firms in Central and Eastern Europe, whilst senior counsel Mr. Blaise Pásztory brings over 40 years’ of US capital market and fund management experience.

KCG Partners Law Firm is the result of the teamwork of passionate and talented lawyers guided by the same principles and sharing the same values: 

  • Our most valuable asset is our people. They are the engine of our business and the key to our success.
  • We push boundaries by looking for innovative solutions that can empower our clients to achieve greater results.
  • We place our experience, commitment and professionalism to your service.
  • We are driven by our vision to shape and lead the Hungarian legal market and become a first choice law firm in our practice areas.

Firm's website: http://www.kcgpartners.com