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In the absence of an agreement between the EEA and the UK (no-deal Brexit), the UK becomes a „third country” as of 00.00 am CET on 30 March 2019. This means that the organisations should revise those of their processing activities, which imply transfer of personal data to the UK.

According to the announcement of the state secretary for tax matters issued in February 2019, the Hungarian Ministry of Finance is planning to introduce a new system that prevents multinational companies to avoid tax burdens in Hungary.

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.

Gide Poland, Wolf Theiss Hungary, Switzerland's Python law firm, and King & Spalding Germany have advised Steinhoff International Holdings on the sale of its European companies to the Cotta Group. The buyer was reportedly advised by SSW Solutions. 

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.

The 2019 Hungarian tax law changes, among other measures, have introduced a new group taxation regime and reflect the implementation of the provisions set out in the European Union’s Anti-Tax Avoidance Directive (ATAD). 

One of the most significant limitations of the national economic capacity is labour shortages, namely the lack of professionals, skilled and experienced workforce. In order to recruit the best qualified candidates, companies shall develop ways to become attracting.

Noerr’s Budapest office has advised ErlingKlinger AG, a Frankfurt stock exchange listed innovative car part manufacturer, on its financing by a syndicate consisting of Commerzbank, Landesbank Baden-Wurttemberg, Deutsche Bank, DZ Bank, HSBC, and Banque Europeenne du Credit Mutuel.

Andersen Global has announced that it has entered into a collaboration agreement with Budapest's Szabo Kelemen & Partners Attorneys, making Hungary the 38th country in which Andersen Global offers legal services, and the 46th country in which it is present.

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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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