20
Mon, May
28 New Articles

The European Commission („EC”) has launched an infringement proceeding against Hungary in July 2018. According to the EC, the Hungarian law excludes certain cost types from the electricity and internal gas network charges, which are in infringement of the prescribed cost recovery plan set out in the Directive of Electricity and Internal Gas. In addition, the EC also stated that Hungary had accepted certain amendments in its electricity legislature that restricts the right of market operators to ask for a complete judicial review on the decision of network charges of the national regulatory body.

October 9, 2018, Radisson Blu Beke Hotel, Budapest

We are excited to announce that registration for the 2018 Hungary General Counsel Summit is now open. The event will take place at Budapest’s Radisson Blu Beke hotel on October 9, 2018.

The Hungarian Parliament has recently adopted legislation with the aim of harmonising the national data protection rules with the rules of the GDPR, and supplementing the national rules in areas not regulated by the GDPR. The Parliament adopted Act XXXVIII of 2018 ("Amendment") in an extraordinary session and the new regulations entered into force on 26 July 2018.

The Hungarian banking transaction tax drives market players and private individuals to use cash rather than electronic payment methods. Eighty per cent of all payment transactions were in cash last year. But extensive use of cash negatively impacts the economy in several ways, such as the high cost of maintaining a large cash volume, easier tax evasion and expansion of grey and black markets.

“The beginning of 2018 brought a comprehensive transformation of legal procedures in Hungary,” reports Andras Daniel Laszlo, Partner at Laszlo Fekete & Bagamery. “Procedural rules changed, from the most basic public administrative procedures, like renewing an ID or applying for a building permit, through commercial litigation and arbitration procedure, including also tax, and, as of July 1, criminal matters.”

Based on the transparency requirements of the GDPR, companies must now provide more detailed information on data processing. The usual form of relaying this information to the public is through a privacy notice. Now that May 25, 2018 is fast approaching and companies are working towards GDPR compliance, such privacy notices must be finalized.

On January 11, 2018, CEE Legal Matters reported that Dentons advised the London branch of UniCredit Bank AG and MUFG as coordinators on a EUR 750 million revolving credit facility provided by a group of 13 banks to MOL Plc, the Hungarian multinational oil and gas company. CMS advised MOL on the deal, which represented the largest financing deal in Hungary in 2017.

On the basis of current practice of the Hungarian tax authority, Hungarian taxpayers are not always able to recover value added tax they pay even the Court of Justice of the European Union had stated the possibility of VAT reclaiming.

The first Hungarian BIM Handbook has been prepared and published on the website of Lechner Tudásközpont on 22 June 2018, free of charge. Building Information Modelling (BIM) is a new approach to design, construction and facility management, where the digital representation of the building process is used to facilitate the exchange and interoperability of information in digital format. BIM is beginning to change the way buildings look, the way they function and how they are designed and built.

Hungary Knowledge Partner

Established in 1957, Wolf Theiss is one of the leading European law firms in Central, Eastern and South-Eastern Europe with a focus on international business law. With 300 lawyers in 13 offices located in Albania, Austria, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia, Slovenia and Ukraine, Wolf Theiss represents local and international industrial, trade and service companies, as well as banks and insurance companies. Combining law and business, Wolf Theiss develops comprehensive and constructive solutions on the basis of legal, fiscal and business know-how.

All News about, and Legal Analysis by, Wolf Theiss can be found here.

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

Our Latest Issue