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Hungarian online invoice data reporting obligation is set to be extended practically to all invoices by 2021 in two steps. Companies – for some as a totally new requirement – should be ready to allocate development capacity in order to comply with the reporting on time.

Read more: Time to get Ready for Online Invoice Data Reporting for (almost) All Invoices

The coronavirus outbreak is unfortunately having an impact on every aspect of our lives, and sets to affect a considerable number of businesses. For this reason we’ve summarised the five most important legal considerations that no business can afford to ignore at this time.

Read more: Legal Action Plan at the Time of the Coronavirus

On 18 March the Hungarian prime minister announced extraordinary measures to be taken as a result of the national emergency caused by COVID-19. Most of these measures have a strong impact on the Hungarian economy; in particular, the banking sector.

Read more: Extraordinary Measures Impact the Hungarian Banking Sector

Greenberg Traurig has provided Polish advice to GLP on its acquisition of Goodman Group’s Central and Eastern Europe logistics real estate portfolio. Kirkland & Ellis served as global legal counsel to GLP, while Kinstellar provided local legal advice with respect to the Czech, Slovak, and Hungarian aspects of the transaction. Goodman Group was advised by Allen & Overy.

Read more: Greenberg Traurig, Kinstellar, and Allen & Overy Advise on GLP's Acquisition of Goodman Group’s...

Former Chief Legal & Corporate Affairs Officer at Magyar Telekom Joins Kinstellar in Budapest

Balazs Mathe, the former Chief Legal & Corporate Affairs Officer and Deputy CEO of Magyar Telekom, has joined Kinstellar as an Advisor.

Read more: Former Chief Legal & Corporate Affairs Officer at Magyar Telekom Joins Kinstellar in Budapest

The Hungarian tax authority prepares the personal income tax returns for everyone it has employer information about, whether they are employees, primary producers, private individuals liable for the payment of VAT or individual entrepreneurs.

Read more: Hungarian Tax Authority Prepares Drafts Personal Income Tax Returns

So far, it has been relatively easy for neighbours and other stakeholders to challenge the building permit of a major development project during the licensing process. This situation created major potential for extortion for these individuals. However, with the amendment of the building regulations, which came into effect on 1 March, this vulnerability would appear to have been eliminated.

Read more: The Building Licensing Rules are Changed, Eliminating the Possibility of Blackmail

IT systems are evolving rapidly: cloud-based solutions, artificial intelligence and automated processes are all making businesses, organizations, and communities more and more efficient. Compared to the 2 billion internet users in 2015, at the end of 2017 there were approximately 3.8 billion internet users worldwide. It is estimated that by 2022 there will be 6 billion internet users (75% of the population that will grow to 8 billion by then) and by 2030 they will reach 7.5 billion (90% of the projected 8.5 billion population). This increase of usage of IT technologies, and the ever growing number of internet users naturally mean more cyber-attacks and hacking activity, that come with a price: much more attention than usual has to be paid to IT security.

Read more: New ISO Standard Issued for Helping Companies to Comply with GDPR

Noerr and Eisenberger & Herzog Advise Coveris on Acquisition of Plasztik-Tranzit

The Budapest office of Noerr and Austria's Eisenberger & Herzog have advised Austrian packaging company Coveris on its acquisition of Plasztik-Tranzit Kft, a producer of flexible packaging solutions for the food industry. The unidentified sellers were advised by solo practitioner Tamas Reisz.

Read more: Noerr and Eisenberger & Herzog Advise Coveris on Acquisition of Plasztik-Tranzit

Online sales in the EU are estimated to worth €550 billion a year – €96 billion of which is cross-border. The new EU VAT system for e-commerce aims to give simpler value added tax (VAT) rules and administration for businesses and measures for Member States to tackle VAT fraud related to e-commerce.

Read more: European Parliament Backs Measures to Combat VAT Fraud Related to E-commerce

Hungary Knowledge Partner

Nagy és Trócsányi was founded in 1991, turned into limited professional partnership (in Hungarian: ügyvédi iroda) in 1992, with the aim of offering sophisticated legal services. The firm continues to seek excellence in a comprehensive and modern practice, which spans international commercial and business law. 

The firm’s lawyers provide clients with advice and representation in an active, thoughtful and ethical manner, with a real understanding of clients‘ business needs and the markets in which they operate.

The firm is one of the largest home-grown independent law firms in Hungary. Currently Nagy és Trócsányi has 26 lawyers out of which there are 8 active partners. All partners are equity partners.

Nagy és Trócsányi is a legal entity and registered with the Budapest Bar Association. All lawyers of the Budapest office are either members of, or registered as clerks with, the Budapest Bar Association. Several of the firm’s lawyers are admitted attorneys or registered as legal consultants in New York.

The firm advises a broad range of clients, including numerous multinational corporations. 

Our activity focuses on the following practice areas: M&A, company law, litigation and dispute resolution, real estate law, banking and finance, project financing, insolvency and restructuring, venture capital investment, taxation, competition, utilities, energy, media and telecommunication.

Nagy és Trócsányi is the exclusive member firm in Hungary for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+countries worldwide.

The firm advises a broad range of clients, including numerous multinational corporations. Among our key clients are: OTP Bank, Sberbank, Erste Bank, Scania, KS ORKA, Mannvit, DAF Trucks, Booking.com, Museum of Fine Arts of Budapest, Hungarian Post Pte Ltd, Hiventures, Strabag, CPI Hungary, Givaudan, Marks & Spencer, CBA.

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