Tax newsletter 2023
You can read here the latest tax newsletters of the Hungarian office of Mazars. We would like to inform our clients and partners about actual tax news and changes.
Participation exemption ’amnesty’
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The adopted autumn tax law package provides taxpayers with a favourable opportunity - participations that were not previously declared to the Hungarian Tax Authority (’HTA’) can be declared subsequently for a limited period of time, with the burden of a one-time tax payment.
What to pay attention to before the end of the year?
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Once again this year, Mazars has prepared its summary of the end-of-the-year tasks. Our current newsletter lists the taxation deadlines and decisions to be made that the financial management of companies needs to keep in mind – even when the holidays are just around the corner.
Tax law changes 2023-2024 part 5 - The summer and autumn tax law changes on certain sectoral and other taxes
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The act pertaining to the summer tax package was published in the Hungarian Official Gazette on 14 July 2023, while the proposed bill pertaining to the autumn tax package was accepted by the Parliament on 21 November 2023. The most important tax law changes will be summarized in our series of newsletters. Please find the fifth part of our series below.
Tax law changes 2023-2024 Part 4 - The changing system of R&D tax incentives
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The act pertaining to the autumn tax package was announced on 30 November 2023 by the Act LXXXIII of 2023 on the amendment of certain tax laws (hereinafter: ’Amendment Act’). The amendment, among many other tax types, affects the rules of corporate income taxation as well. In the fourth edition of our series of newsletters summarising the most important tax law changes, we hereby present the rules of the new tax credit connected to research and development (R&D) activities.
Tax law changes in 2023-2024- Part 3 - Changes to VAT and excise duty introduced by the summer and autumn tax packages
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The law comprising the summer tax package was published in the Hungarian Gazette on 14 July 2023, while the law comprising the autumn tax package was published on 30 November 2023 by the Act LXXXIII of 2023 on the amendment of certain tax laws (hereinafter: ’Amendment Act’). In the third part of our newsletter series summarising the most important changes to tax law, we hereby present the changes to VAT and excise duty as well as to the related tax procedure regulations.
Tax law changes in 2023-2024- Part 2
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The act pertaining to the summer tax package was announced in the Hungarian Official Gazette on 14 July 2023, while the proposed bill pertaining to the autumn tax package was accepted by the Parliament on 21 November 2023.
Tax law changes in 2023-2024- Part 1
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The act pertaining to the summer tax package was announced in the Hungarian Official Gazette on 14 July 2023, while the proposed bill pertaining to the autumn tax package was accepted by the Parliament on 21 November 2023.
In focus: The global minimum tax
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In the coming years the introduction of the global minimum tax rules will have one of the biggest impacts on the life and taxation of large multinational company groups. The tax specialists of the impacted company groups should already begin to prepare and to get familiar with the legislation, as the draft contains numerous rules, reporting and compliance obligations. In our newsletter, we summarized the key points of the global minimum tax regulation in Hungary.
The transformation of the waste management system continues, with a compulsory deposit return system (DRS) from 1 January 2024
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With the introduction of the Extended Producer Responsibility (EPR) scheme on 1 July 2023, the transformation of the financing of the waste management system has been started. If they have not already done so, the producers concerned must be prepared to comply with the first reporting obligation due by 20 October. In addition, an increase in the rate of recycling or other recovery of packaging waste is also needed to comply with EU directives. To this end, a mandatory deposit return system (DRS) will be introduced from 1 January 2024.
The opportunities inherent in group taxation – applications for establishing a CIT group can be submitted until 20 November
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Company groups wishing to form corporate income tax (CIT) groups or to terminate their such existing tax groups from 2024 must submit their respective applications to the Tax Authority by 20 November 2023. The deadline is the same in case of requesting to join an existing group. Companies that miss the above deadline will have to wait a full year for this window of opportunity to be open again. However, an application to form a VAT group can be submitted at any time and should also be considered by company groups.