Deadline for reports on cross-border tax structures have been extended
In order to tackle aggressive tax structures, Hungary has also implemented the European Union Directive which, by means of automatic exchange of information. The directive aims at enforcing international corporations to pay taxes in the country of actual value creation. Under the law, all intermediaries, (tax consultants) but ultimately the relevant taxpayers involved in cross-border arrangements are required to report the transaction to the tax authorities if at least one of the hallmarks listed in the Directive is met. The reporting obligation covers all types of taxes except VAT, excise duty and social security contributions.
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