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Hungary - Tax Returns to be Prepared by Tax Authority

Hungary - Tax Returns to be Prepared by Tax Authority

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From 2017, the Hungarian tax authority prepares the draft tax returns for the personal income tax based on the amendment of the act on the rules of taxation entered into force on 1 January 2017.

Accordingly, the tax authority will prepare 3.8 million draft tax returns, which will be available online by personal access on the so-called “Ügyfélkapu” from 15 March 2017. Those who have no access on “Ügyfélkapu”, until 15 March 2017 can request the tax authority to send it via post, and it will be also available at the call centers.

The tax authority prepares the draft tax return based on the available data, thus, it is not aware of incomes in relation to which it has not received any information during the year. Therefore, it is highly recommended to check the draft whether any amendment is needed, since tax payers remain liable for the correctness of the tax return.

It is important to emphasize that sole proprietors, small-scale agricultural producers and persons subject to VAT payment have to prepare their tax return on their own.  

By Gabriella Galik, Partner, KCG Partners Law Firm

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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