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Employers Are No Longer Able to Prepare Tax Assessments for Employees

Employers Are No Longer Able to Prepare Tax Assessments for Employees

Hungary
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In line with a recent modification approved by the Hungarian Parliament as of 1 January 2018, employers are no longer able to prepare tax assessments for their employees. The aim of the modification was to ease the administrative burden on entrepreneurs. According to the records of the Hungarian Ministry of National Development, entrepreneurs spent an average of 34 working days per year with administrative duties, which was over the average in EU. 

From now on, the national tax authority will prepare the personal income tax declaration. Upon request of the employer having large number of employees, the authority is able to visit and temporary settle at such employer for completing the preparatory works. All taxpayers must have an e-portal, where the authority will publish the draft of the declarations as of 15 March 2018. Taxpayers have the chance to approve, adjust, correct the draft or to prepare their own declaration by 22 March. Failing to do so, the draft will automatically be the approved personal income tax declaration of the taxpayer. 

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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