Tax Newsletters 2020
You can read the Mazars Hungary’s tax newsletters. We would like to inform our clients and partners about actual tax news.
What to pay attention to before the end of the year?
Once again this year, Mazars has prepared its summary of the end-of-the-year tasks. Our current newsletter lists the taxation deadlines and selections to be notified that the financial management of companies need to keep in mind – even when the holidays are just around the corner.
Year-end transfer pricing tasks and surprises under the Christmas tree
As the end of the year is approaching, it is important for taxpayers whose business year corresponds to the calendar year to ensure compliance with the relevant statutory requirements related to the Country-by-Country Reporting (“CbCR”) and the Master File.
Furthermore, as of 2021, transfer pricing adjustments appear in the legal regulations related to the local business tax.
Furthermore, as of 2021, transfer pricing adjustments appear in the legal regulations related to the local business tax.
Let’s collect all the information: what will change in taxation from 2021?
As we are well accustomed by now, the Hungarian Parliament amended taxation laws on several occasions in 2019 and again in 2020. The situation is further complicated by the fact that this year, due to the coronavirus pandemic, legislative work in the field of taxation was particularly intensive.
New tax breaks and government decrees introduced in connection with the state of emergency
Due to the Covid-19 emergency a number of measures at the level of government decrees has been taken and will certainly be taken to curb the virus and protect the economy.
Autumn tax package submitted to parlament
Parliament is expected to vote on the autumn tax package on 17th of November 2020. The proposal on the tax law changes for 2021 was submitted on 13 October 2020 by the Minister of Finance to the Parliament.
The taxation effects of the new system of adult education
As surprising as it may sound to many people, but several aspects of the work of financial specialists is also affected by the changes in the Hungarian adult education introduced in 2020. As a consequence of the recent amendments, the scope of the Adult Education Act has been changed significantly, meaning that – among many other tasks – registration and reporting obligations now also apply to several forms of education and training that could be freely organized previously with much less administrative burden.
Attention! Important deadline! Choosing to enter into corporate income tax groups until 20 November
Hungarian affiliated enterprises have had the opportunity to form corporate income tax groups for nearly two years, since 1 January 2019.
The deadline for submitting refund applications for VAT paid abroad is approaching
Domestic tax subjects entitled to deduct VAT have an opportunity until 30 September 2020 to claim VAT refunds on the basis of invoices in 2019 with respect to purchases made in other member states of the European Union. After this peremptory deadline, the right to the refund is forfeited!
The pandemic may also affect the tax liabilities of cross-border commuters
Of the many impacts of the COVID_19 pandemic, one of the most significant is the remarkable decline in the mobility of private individuals. The negative effects of this on the international and national economies are beyond question.