New tax law changes on the horizon
On 1 March, 2013 the outgoing Minister of National Economy submitted a new tax proposal to the Parliament. We inform our clients about the details.
Until the end of the year…
As the 20th December deadline for tax top-up liability approaches and new tax rules will be introduced next year, here is a summary of the key tax issues to take into consideration this year.
Proposed amendments to the tax law 2012
In to the speech of the Minister of National Economy on 16 September, the anticipated headline numbers of the budget and the main proposed tax changes for 2012 were presented.
New Act on real estate investment trusts (REIT)
The proposal on real estate investment trusts (REIT) – regarding which we wrote earlier – has been approved. The new legislation (including the registration, operation and taxation rules for Hungarian REITs) is effective as of 27 July 2011.
Sector specific surtax
Based on an independent proposal of a Member of Parliament, the act on sector specifi c surtax was accepted by the Parliament on 18 October 2010
VAT on R&D activities
The European Court of Justice (ECJ) decided that the activities of a company including research and development work relating to the environment and technology must be classifi ed as ‘services of engineers’ for VAT purposes within the EU.
The Hungarian Parliament has agreed an amendment to the VAT Act to abolish VAT liability on donations, coming into force on 17th June 2010.
U.S. – Hungary Treaty update
We would like to draw attention to the new comprehensive income tax treaty signed by the US and Hungary on 4 February 2010.
Wealth tax regulations
In this tax alert we would like to summarise the newly implemented wealth tax regulations.