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A recently released NAV guidance gives a list of those signs that could indicate that a security firm is involved in VAT fraud. The list will certainly help companies that accept invoices from such security firms, but it’s still a pity that the guidance wasn’t issued ten years earlier.

In The Corner Office we ask Managing Partners across CEE about their unique roles and responsibilities. The question this time around: How do you do performance reviews, and how important are they to the planning and management of the firm?”

A trendy investment product of recent years has been solar energy projects: under the feed-in tariff (FIT) scheme, the government guarantees what looks like a cash cow for all those who choose to seek their fortune in this sector. But as is usually the case, this money won’t just fall into your lap. Without the necessary professional expertise or the proper legal groundwork, solar power projects can easily run out of steam too.

The deductibility of the VAT content of incoming invoices has long been a source of consternation both for equity investors and for the holding companies heading up corporate groups. In a relaxation of the general ban on VAT deduction in these cases, the European Court of Justice (“ECJ”) has given ‘active’ holding companies a way around the restrictions. Meanwhile, other recent judgments by the Court have further expanded the opportunities for VAT deduction. Nevertheless, the ECJ’s decisions also show that it’s better to err on the side of caution.

On 29 May 2019 the EU Commission published a guidance on the interaction between the Regulation on the free flow of non-personal data (FFD Regulation) and the General Data Protection Regulation (GDPR). In particular, private businesses, notably small and medium-sized enterprises and other entities which process data in the course of their professional activities, will benefit from the guidance.

The personal income tax exemption for mothers with four or more children will come into effect as of January 2020. In connection with the seven-step family protection action plan starting on 1 July 2019, this is another significant benefit for mothers. The tax exemption does not affect the family tax advantage, which can still be claimed by both parents.

The Member States of the European Union shall bring into force the laws, regulations and administrative provisions necessary to comply with the EU Directive 2017/828 which establishes requirements in relation to the exercise of certain shareholder rights attached to voting shares in general meetings of companies by 10 June 2019. The most sensitive part of the directive is that it makes the remunerations of the directors public.

Kinstellar, Gibson, Dunn & Crutcher, Stibbe, and Binder Groesswang have advised CANAL+ Group, a subsidiary of the Vivendi group, on the acquisition of the M7 Group from Astorg, a European private equity firm. Paul Hastings and Loyens & Loeff advised Astorg and the other selling shareholders of the M7 Group.

According to a recent amendment to the Hungarian Act on Sport in March 2019, an international sport association – recognized by the International Olympic Committee – will be classified and regulated as a subtype of sport associations in Hungary.

The Hungarian Public Procurement Act was modified as of 18 April 2019, in order to comply with the provisions of the Directive 2014/55/EU of the European Parliament and of the Council of on electronic invoicing in public procurement.

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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