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.
New retail tax act & the amendment of the CIT act
On 28 April, the Government submitted two significant bills to Parliament. One of the proposed acts includes the final rules applicable to the retail tax introduced earlier as a temporary tax, while the other bill concerns the amendment of the Corporate Income Tax (CIT) Act related to the development reserve.
Kurzarbeit 2.0
Less than a week elapsed since the system of wage subsidies available in case of reduced working time (with the commonly used expression from German: Kurzarbeit) was promulgated in the form of a Government Decree, but the concept was already subjected to a revision.
Coronavirus- Details on tax relief measures finally published
Exactly two weeks elapsed from the initial announcement until the promulgation of the decree on temporary tax relief measures provided by the government.
Business partner checking- did you think of the possible risks?
In the life of a company, it is essential that business partners should be properly selected. Please check the possible risks in Mazars' tax newsletter.
Additional endangered sectors added
In case of activities declared as “endangered sectors” due to the COVID-19 pandemic, relief is provided for the businesses concerned as well as their employees from the payment of the social contribution, individual contributions, the vocational training contribution, as well as the rehabilitation contribution.
Special tax on retailers, returned
Pursuant to the Government’s decree promulgated on 14 April, special taxes imposed on retailers and banks, aimed at replenishing the Epidemiological Fund, will enter into force on 1 May 2020.
Reduced working hours (Kurzarbeit) and state subsidized R&D activities
In the economic situation emerging as a result of the Covid-19 pandemic, the preservation of jobs has outstanding significance.
Transfer prices in times of coronavirus
During this global pandemic, companies should urgently review their existing transfer pricing models in order to reassess transfer pricing risks, take appropriate countermeasures in the short term and find efficient solutions for compliance.
The scope of endangered sector has been expanded
On the basis of the special legal order introduced due to the COVID_19 coronavirus pandemic, on 23 March 2020, the Government of Hungary adopted new measures by way of a government decree, the aim of which is the alleviation of the economic impacts of the pandemic.
Deadline for reclaiming VAT on certain bad debts claims expires on 21 April 2020
As indicated earlier, the deadline for reclaiming the VAT of bad debts (irrecoverable claims) in a separate procedure will expire on 21 April 2020.