- Larger companies (yearly sales revenue over HUF 100 million per year) have to fill up their 3 tax accounts (corporate income tax, innovation contribution and local business tax) to at least 90% of the final amount of the tax. This process requires proper input from the management about the expected revenues and costs in the last month of the year to enable the accountants to estimate the year end profit.
- Those companies who donate certain sports and art organisations from their corporate income tax, should prepare the offerings until this date to enjoy the highest tax benefits.
- The same deadline applies to those who want to register to or quit from the special taxation forms like KIVA and EVA.
31 December 2017
- All the companies located in Hungary have to be ready with the registration to the new online communication tool of the authorities, called Cégkapu. It is not the job of the accountant but that of the Managing Director, who first needs access to the personal online system, Ügyfélkapu. However we helped several of our foreign Clients in the registration process. It takes up to 30 minutes in any government office.
- Those multinational companies whose group sales revenue achieves EUR 750 million per year, have to submit the County-by-Country (CbC) report of OECD for 2016 and a declaration for 2017 as well.
1 January 2018
- The national minimum salaries rise again. That of unskilled workers will be HUF 138,000, and the qualified employees have to earn at least HUF 180,500 per month.
- At the same time, the social contribution tax paid by the employer will drop from 22% 19.5%.
- Several other minor changes will also apply in 2018, like KIVA will drop to 13%.
25 May 2018
The General Data Protection Regulation (GDPR) will come to force. It requires a precise preparation from all the companies. Please be aware that huge fines up to EUR 200 million can be levied if you breach the new rules. We will discuss this topic in several posts in the coming months.
1 July 2018
Every invoicing software will have to be connected to the tax authority (NAV) and all the invoices will be directly forwarded to them. Please check in time whether your software provider is ready to comply with this regulation.