2020 year-end deadlines in taxation
In our newsletter, we would like to draw your attention to the most important year-end taxation deadlines in 2020.
The novelty of the year 2020 is that in this tax year it is no longer necessary to top up the local business tax advance. This rule also applies to the taxpayers with business year other than calendar year provided that their tax year includes 15 July 2020.
The cancellation of the advance top up liability means that neither the local business tax return should be filed, nor any related payments should be made.
As shown in our below chart, the abolition of the obligation to top up the local business tax advance (which followed a similar provision related to the corporate income tax and the innovation contribution top-up liability) led to a significant reduction in the number of year-end taxation deadlines compared to previous years.
Nevertheless, most of the remaining deadlines are cut-off dates for the taxpayers to exercise their right to certain options, meaning that if the deadline has lapsed, a taxpayer will have to wait for another year to become eligible for these options again. Furthermore, it should be emphasized that a default penalty is attached to the most of the indicated deadlines, i.e. the taxpayer may be fined for the delay.
|
Deadline: 21 December 2020 (Monday) |
|
|
Environmental Protection Product Charge |
|
|
Task |
Form |
|
Advance payment |
payment obligation |
|
Small business tax (KIVA) |
|
|
Task |
Form |
|
Switching to corporate income tax from KIVA |
20T201T |
|
|
|
|
Deadline: 31 December 2020 (Thursday) |
|
|
Transfer Pricing |
|
|
Task |
Form |
|
Reporting obligation related to Country-by-Country Report (CbCR) |
20T201T |
|
2019 Master File preparation |
separate records |
|
Value Added Tax (VAT) |
|
|
Task |
Form |
|
Deductible VAT on purchase invoices with a delivery date of 2019 can only be included in the last VAT return of 2020 without filing self-revision |
2065 |
|
Opting for tax liability for property sale / letting for rent |
20T201T |
|
Opting for cash-based VAT-settlements |
20T201T |
|
(subject to certain conditions) |
|
|
Deadline: 1 February 2021 (Monday) |
|
|
Environmental Protection Product Charge |
|
|
Task |
Form |
|
Declaration for individual recycling – taxpayers liable to product charge before 2021 |
21TKORNY |
|
Option for assessing product charge at stock placement |
21TKORNY |
|
|
|
|
Option for flat rate payment |
21TKORNY |
|
(subject to certain conditions) |
|
* * *
Should you have any questions as regards the above deadlines or the indicated options,
the tax experts of VGD Hungary will be pleased to assist you.
This newsletter provides general information and does not constitute tax advice.
