The longstanding partnership between Hungary and Serbia has taken another step forward with the recent amendment to the double taxation convention. These agreements are crucial for eliminating double taxation on income and assets for both individuals and companies, fostering a more favorable business climate.
FDI Screening in CEE: A CEE Legal Matters Round Table
On November 7, 2024, M&A experts from Austria, Bosnia & Herzegovina, Croatia, Greece, Hungary, Moldova, Romania, and Ukraine participated in a virtual round table moderated by CEE Legal Matters Managing Editor Radu Cotarcea to discuss the FDI screening regimes in their country and key developments in the area on the horizon.
A New Central Consumer Body is Expected from 1 January 2025
On 10 October 2024, the Ministry of National Economy published a draft Government Decree on the National Trade and Consumer Protection Authority and another one on the amendments to the Government Decrees related to the establishment of the National Trade and Consumer Protection Authority.
Parliament Decided to Extend the State of Emergency
The Hungarian Parliament voted to extend the state of emergency with an additional 180 days. The Hungarian Government declared a state of emergency by a government decree that entered into force on 25 May 2022.
Stricter Emission Limits for Toxic Substances Introduced in the Environmental Regulation
The Ministry of Energy, taking into account regulatory experience as well as public feedback, has adjusted the emission limits for several particularly toxic air pollutants in factories, raising them to stricter levels in line with German standards, which are more stringent than the EU regulations.
Lakatos, Koves and Partners Advises Green Power Investment on Sale of Two Hungarian Photovoltaic Projects
Lakatos, Koves and Partners has advised Green Power Investment on the sale of two Hungarian photovoltaic projects with a combined capacity of 7.7 megawatts to an unidentified Austrian investor.
Baker McKenzie and Esin Attorney Partnership Advises DFDS on Acquisition of Ekol Transport
Baker McKenzie and its Turkish affiliate Esin Attorney Partnership advised DFDS on its acquisition of Ekol Transport and the international transport network connecting Turkiye and Europe from Ekol Logistics and individual sellers led by founder Ahmet Musul. Caliskan Okkan Toker reportedly advised the sellers.
Schoenherr and Szabo, Kelemen & Partners Andersen Advise on BGK's EUR 40 Million Financing for Puro Hotel in Budapest
Schoenherr has advised Bank Gospodarstwa Krajowego on a EUR 40 million financing agreement for the development and long-term investment of a Puro Hotel in Budapest. Szabo, Kelemen & Partners Andersen advised Puro.
"Real Estate Will be Busy in 2025!": An Interview with Adam Kaplonyi and Gergely Ban of Act Legal
Despite 2024 being a relatively slow year in terms of real estate transactions, Act Legal Partners Adam Kaplonyi and Gergely Ban see ample signs to be optimistic about the sector's outlook in Hungary.
Bird & Bird Advises Iron Mountain on Acquisition of Wisetek
Bird & Bird has advised Iron Mountain on its acquisition of Wisetek.
Streamlined but Subtle: Proposed Legislation Set to Simplify Business Compliance
In a bid to enhance legal competitiveness, a new legislative proposal aims to streamline regulations in environmental protection, waste management, consumer rights and workplace safety, boosting the competitiveness of domestic businesses. The proposal is currently under public consultation, but it already highlights several key changes that may be of interest to various sectors.
Schoenherr and Molnar and Bereczky Advise on Situlus Holding's Sale of Industrial Site in Hungary
Schoenherr has advised Seidel Hungaria Ingatlankezelo on its sale of an industrial asset located in Ajka, Hungary to Muszertechnika Holding. Molnar and Bereczky advised Muszertechnika Holding.
The Maximum Fine that the Competition Authority Can Impose Has Increased
From 1 August 2024, the maximum fine that can be imposed by the Hungarian Competition Authority equals 15% of the undertaking’s net turnover. According to the Authority’s statement, its primary objective is not to impose fines, however, the increase in the potential financial penalty is a strong deterrent. In any case, it can be observed that the Authority is becoming more and more stringent concerning fines: while in 2023 it imposed fines totalling HUF 2.2 billion, the total amount of fines imposed this year exceeded HUF 2 billion by August.
Green Investments and Energy Efficiency Improvements Expected in the Autumn
A new draft regulation was put to public consultation until 27 September 2024 that could bring significant changes to the operation of district heating systems in Hungary. The aim of the regulation is to increase the use of renewable energy sources such as geothermal and biomass in district heating, thus reducing dependence on natural gas and costs.
The Debrief: November, 2024
In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.
Oppenheim Partners with Jipyong and Opens Korea Desk
Oppenheim has partnered up with the Korean law firm Jipyong by signing a memorandum of understanding, leading to Jipyong opening a Korea Desk in Hungary.
Employment Rules for Guest Workers May Be Tightened in Hungary
According to the latest data from the Hungarian Central Statistical Office, nearly 100,000 foreign nationals were employed in Hungary as of July 2024, with almost 80% coming from third countries. After years of government-led anti-immigration messaging, many Hungarians have expressed fear and outrage at the sight of large groups of Indian, Filipino, and Vietnamese workers in smaller towns, perceiving them as competition for job opportunities.
Hungarian Government Forbids Solar Panels on Balconies and Agricultural Lands
On 1 October 2024, the Hungarian Government published a decree on the basic regulations of settlement planning and construction requirements, which fundamentally rewrites and clarifies the frameworks for construction and property planning in many areas. Among these, one regulates the placement of solar panels and solar collectors, while another sets out the general framework for the installation of wind turbines.