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Hungarian online invoice data reporting obligation is set to be extended practically to all invoices by 2021 in two steps. Companies – for some as a totally new requirement – should be ready to allocate development capacity in order to comply with the reporting on time.

Read more: Time to get Ready for Online Invoice Data Reporting for (almost) All Invoices

The Hungarian tax authority prepares the personal income tax returns for everyone it has employer information about, whether they are employees, primary producers, private individuals liable for the payment of VAT or individual entrepreneurs.

Read more: Hungarian Tax Authority Prepares Drafts Personal Income Tax Returns

IT systems are evolving rapidly: cloud-based solutions, artificial intelligence and automated processes are all making businesses, organizations, and communities more and more efficient. Compared to the 2 billion internet users in 2015, at the end of 2017 there were approximately 3.8 billion internet users worldwide. It is estimated that by 2022 there will be 6 billion internet users (75% of the population that will grow to 8 billion by then) and by 2030 they will reach 7.5 billion (90% of the projected 8.5 billion population). This increase of usage of IT technologies, and the ever growing number of internet users naturally mean more cyber-attacks and hacking activity, that come with a price: much more attention than usual has to be paid to IT security.

Read more: New ISO Standard Issued for Helping Companies to Comply with GDPR

Online sales in the EU are estimated to worth €550 billion a year – €96 billion of which is cross-border. The new EU VAT system for e-commerce aims to give simpler value added tax (VAT) rules and administration for businesses and measures for Member States to tackle VAT fraud related to e-commerce.

Read more: European Parliament Backs Measures to Combat VAT Fraud Related to E-commerce

The Central Bank of Hungary (MNB) has announced a new program, for the purpose of providing capital requirement benefits to those credit institutions based in Hungary that offer so called green loans for energy efficient housing goals (purchase, building or refurbishment) between 1 January 2020 and 31 December 2023. During this time period, these credit institutions will receive capital requirement benefits (5 to 7% depending on the energy efficiency of the related property) after the provided green loans, and the customers taking out these loans are eligible for lower, discounted rates.

Read more: Green Loans - Green Capital Requirement Benefit Program Started by the Hungarian Central Bank

The National Tax and Customs Administration (“Authority”) has presented its vision for the future at a taxation conference held at the end of November 2019. The Authority has outlined that the emphasis will continuously be on the tax inspection of companies alongside with seizing the benefits of digitalisation and development. The principal objective of the Authority is to promote and enforce compliance with legal obligations. This objective will be supported by a new obligation (applicable as of July 2020) that requires taxpayers to provide complete data on their invoices.

Read more: New Era of Tax Inspections

According to the press release issued on 6 December 2019, the Hungarian Competition Authority (GVH) imposed a fine of HUF 1.2 billion (EUR 3.6 million) on Facebook for misleading users by claiming its services were free.

Read more: Hungarian Competition Authority Fines Facebook Ireland for Misleading Users

A new amendment package was approved in the middle of December 2019. The package includes many novelties affecting the validity and issuance of driver’s licenses, the documents of newborns, document modifications due to marriage, procedures related to death and identity checks conducted by the police.

Read more: Changes Aiming to Simplify and Electronicize Certain Procedures in Public Administration

KCG Partners at a Glance

KCG Partners is a Hungarian business law firm providing a comprehensive range of legal services to international and local clients seeking local knowledge and global perspective. The firm comprises business-minded lawyers with sector-specific expertise, creating value for clients by applying a problem-solving approach and delivering innovative solutions.

The firm has a wealth of knowledge in corporate law, M&A, projects and construction, energy, real estate, tax, employment, litigation, privacy and forensics, securitization, estate planning and capital markets.

To address clients’ regional and international concerns, the firm maintains active working relationships with other outstanding independent law firms in Central and Eastern Europe, whilst senior counsel Mr. Blaise Pásztory brings over 40 years’ of US capital market and fund management experience.

KCG Partners Law Firm is the result of the teamwork of passionate and talented lawyers guided by the same principles and sharing the same values: 

  • Our most valuable asset is our people. They are the engine of our business and the key to our success.
  • We push boundaries by looking for innovative solutions that can empower our clients to achieve greater results.
  • We place our experience, commitment and professionalism to your service.
  • We are driven by our vision to shape and lead the Hungarian legal market and become a first choice law firm in our practice areas.

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