Dentons’ Budapest office has advised Hungarian online consumer electronics retailer Extreme Digital and its shareholders in connection with Extreme Digital's merger with eMAG Hungary -- a member of South Africa's Naspers Group. Allen & Overy and DLA Piper reportedly advised eMAG on the deal.
In principle, in the course of the land registry procedure, the position of an entry of record in the land registry, and the order of such records is determined by the filing date of the applications or requests. Under the Hungarian Land Registry Act, the order of the entries may be modified on the basis of an authentic instrument signed by all parties, a private document countersigned by an attorney or bar association legal counsel, or on the basis of a private document where the signatures of the parties are attested by a notary public.
In recent years, a principal aim of Hungary’s energy strategy has been to make the country self-sufficient in electric energy. In figures, this means reducing the import to 0% within ten years – as the country’s current dependency on import of approximately 30% is significantly above the EU average. The increasing price of gas and the decreasing price of electricity led to a decrease in the domestic production of natural gas, so the Hungarian energy policy had to turn to alternatives.
The Hungarian Government submitted a bill to the Hungarian Parliament in February 2019. The goal of the new legislation is to amend more than 80 acts in order to comply with the European Union’s General Data Protection Regulation (GDPR). According to experts, these amendments could bring an easier and more uniform application of the data protection laws.
On 13 February 2019 the Court of Justice of the European Union (CJEU) delivered a ruling in a Hungarian case concerning the application of the provisions on VAT. According to the VAT Directive, as a general rule, VAT is be payable by the person carrying out the taxable supply of goods or services. However, in specific cases the Member States may deviate from this provision and provide that the person liable for payment of VAT is the taxable person to whom the supplies are made.
In order to create an integrated system for high volume public construction investments, the Hungarian Government has adopted a new legislation. From January 2019, high volume public construction investments reaching the estimated value of HUF 700 million must be executed by a state-owned company, i.e. the Investment Agency.
Oppenheim has advised the Beghelli Group on the sale of Klotild Palace, an English neo-baroque building in Budapest's 5th district currently housing the Buddha-Bar Hotel Budapest, to ABA Gate Hungary Kft., a company owned by private investors from Qatar. KPMG Legal advised the buyer on the transaction, which was valued at approximately EUR 48 million.
Former Dentons Counsel Marton Kertesz has become the new leader of Deloitte Legal Erdos and Partners Law Firm’s Labor Law and Compliance team in Budapest.