With the arrival of autumn, the extended deadline set out in the Hungarian Government’s Economic Action Plan for filing the 2019 financial statements and annual tax returns.

Although nothing concrete has been achieved so far, many companies may also experience unpleasant tax benefits when the transition period between the United Kingdom (UK) and the European Union (EU) expires on 31 December 2020.

The Hungarian deadline for submitting an application for a refund of value added tax paid abroad during the calendar year 2019 is approaching.

Two important developments may have significant consequences for the transfer pricing compliance in 2020 that we would like to highlight in our present newsletter.

Many companies were uncertain about whether or not a coronavirus diagnostic testing provided by employer to employee free of charge should be treated as a tax-free allowance.

The Government has opened up new fresh resources

Due to the amendment to the Duty Act, inheritance and gifts between siblings, regardless of value, are exempted from duty starting from 8 July 2020.

The Hungarian National Assembly passed the Emergency Response Act, which entered into force on 18 June 2020.

From 1 July, it is a priority to deal with the settlement of the social security relationship and the data on the social security relationship of employees in the Hungarian Tax Authority