Tax Newsletters 2019
You can read the Mazars Hungary’s tax newsletters. We would like to inform our clients and partners about actual tax news.
The taxation of Group Insurances: The grace period will end soon
Thanks to the concept of self-care coming into the foreground, group personal insurance became a popular form of benefit provided by employers. Last year’s amendments of the tax laws, however, in addition to significantly reducing the options available in the field of cafeteria benefits, also eliminated the tax-exemption of risk insurances.
What to pay attention to before the end of the year?
Once again this year, MAZARS provides its summary of the year-end tax compliance tasks. Our current newsletter lists the tax compliance deadlines and the various decision options that the financial management of companies should keep in mind – even if the holidays are just around the corner. In several taxation-related issues, December 20 and 31, 2019 are highly important deadlines.
The country by Country Report related deadlines are approaching
Taxpayers with a calendar business year should submit the notification form related to the Country-by-Country Reporting (“CbCR”) by December 31, 2019 in respect of FY2019.
The autumn tax package has been submitted to the parliament - Amendments expected from 2020
On 12 November, the proposed amendments to the tax laws effective from next year were submitted for the debate in Parliament. Our present newsletter summarizes the most important proposed changes.
Attention: Important deadline! Choosing to enter into corporate income tax groups until 20 november
The tax package at the end of last year introduced a very favourable opportunity for related
enterprises; however, due to the short deadline at the time, probably few taxpayers chose this
option. Corporate income tax groups can be favourable for many company groups.
enterprises; however, due to the short deadline at the time, probably few taxpayers chose this
option. Corporate income tax groups can be favourable for many company groups.
Fine-tuning in the EU'S VAT system - The mysteries of the "Quick fixes"
Although the earlier planned fundamental reform of the EU’s VAT system has not been implemented yet, with the coming of 2020, as an interim step, the European Union’s added value tax system will arrive to a new milestone with the so-called “quick fixes” entering into effect. The aim is to make the handling of VAT issues in intra-Community transactions uniform. Be sure to start making timely preparations for the changes coming from next year!
Important changes in real-time data supply
The National Tax and Customs Administration (NAV) recently announced an important deadline that will affect a wide range of taxpayers. The currently supported v.1.1 version, which provides the framework for the real-time data supply that is obligatory since 1 July 2018 for Hungarian taxpayers, can be used until 31 March 2020. From 1 April 2020, only the new, 2.0 version can be used!
The deadline for submitting foreign VAT reclaim requests is approaching
Domestic taxpayers entitled to deduct VAT have an opportunity until 30 September 2019 to claim VAT refunds on the basis of invoices in 2018 for purchases made in other member states of the European Union. After this peremptory deadline, the right to the refund is forfeited!
Services related to imports: narrowing VAT exemption
Subsection (3) supplementing Section 93 of Act CXXVII of 2007 on Value Added Tax (hereinafter: the “VAT Act”) entered into effect on 23 August 2019, pursuant to which, in the future, only such carriers (or freight forwarders) shall be exempted from VAT that provide their services directly for the importer.
Back to school allowance- let's set the record straight
With the beginning of the new school year quickly approaching, several online news portals and tabloid magazines refer to the back-to-school allowance as if it was a form of financial aid available to all parents from their employers through the cafeteria system on a universal basis.
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