There is a new requirement from OECD towards those multinational companies with yearly group revenue over EUR 750 million. It is called Country-by-Country Report, and it aims to discover the tax evasion practices of these companies. The reporting obligation is valid since 2016, but the local regulations have been passed this year, and the first reporting deadline is end of 2017.
All the member companies of the reporting groups have to submit reports and/or declarations to their local tax office. This procedure is regulated in Hungary by two laws. If you fail to report or make mistakes, huge fine can be levied. Usually the accounting service provider prepares these reports.
It is important to be familiar with your obligations and submit all the necessary forms and reports in time.
If you have any further question, contact us.
