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What did the GDPR bring us? “A lot of compliance work,” most clients would say, after months of tough and challenging work implementing the European Union’s new comprehensive data protection regulation. And in many cases that work is still unfinished. The prevalent view on the market is that the regulation is an artificial creation of another compliance requirement upon data controllers. But is it fair to say that the GDPR brought nothing but a very expensive compliance exercise?

In September 2019, the Hungarian Supreme Court (Curia) stated in its decision that even in case of a warning strike, the employer must be notified on the strike at a time that allows the exercise of its right to prevent damages caused by the stop of operations, and also to perform its obligation to protect life and property and to perform any organisational work related to these rights and obligations.

It has long been a problem that the tax authority refuses to refund to a supplier the VAT that has already paid by him, even if the customer has not paid the gross purchase price at all. However, in a recent ruling, the European Court of Justice has clearly ruled that if the claim has become definitively unrecoverable, the Hungarian tax authority NAV is also required to refund the VAT on that claim to the seller. This decision now also allows other affected taxpayers to request a refund of the VAT on their unrecoverable receivables within a maximum of six months.

Company information was available without any restriction in the database of the Hungarian Ministry of Justice. As of 1 October 2019, there was a change in the recognition of company information, since the electronic company register was replaced by a so called online real-time company information.

This April, the new EU foreign investment screening regulation entered into force, with terms scheduled to become applicable on October 11, 2020. The regulation was conceived and designed to provide member states with a valuable tool to employ in defending their strategic interests. We spoke to several experts in the region to learn more.

Hungary is an ideal location for international tax planning. Below we summarize the 5 most important features of the Hungarian tax system that can make the country attractive for international investors and public and private multinational groups.

While the number of people employed in teleworking or home office is growing rapidly across the world, many firms are not aware of what this entails in legal terms. Yet, those employing workers outside of the office are often faced with unexpected risks.

Every single business that trades with the UK, both in goods and services, will be affected by a “no-deal Brexit” scenario, i.e. the withdrawal of the UK from the EU without an agreement. On 4 September 2019 the Commission published a “Brexit preparedness checklist”, to provide information and to help enterprises conducting business in the EU and/or in the UK to double-check their state of preparedness.

On 10 September 2019 the newest edition of Incoterms rules, Incoterms 2020 was released by the International Chamber of Commerce (ICC). The Incoterms rules serve as significant commercial provisions for the international sale of goods, including commonly accepted definitions and rules relating to the delivery of goods between trading partners. Since the first publication of Incoterms rules in 1936, ICC has revised regularly these rules to follow the changes in the worldwide trade system.