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Tax News Archive 2013

  • 17.12.2012 Tax News (HU) - Tax law changes 2013 - Other taxes

    KATA, KIVA, special tax scheme for small entrepreneurs, local business tax, real estate transfer tax
    Key changes from 2013: Amendments in the special tax schemes for small entrepreneurs ('KATA', 'KIVA'). When calculating the local business tax base, the net revenues may be reduced by the costs of goods sold and mediated services with limitations. The calculation method of temporary activities subject to local business tax has been changed. The uniform rate of the inheritance tax and the gift tax will be 18%. The 2% reduced transfer tax for the acquisition of residential property cannot be applied anymore. The special transfer tax rules for transactions that were concluded below the market price will not be applicable. (This article is available in Hungarian and German.)

  • 17.12.2012 Tax News (HU) - Tax law changes 2013 - Tax procedure

    representation in tax procedures, proxy, binding ruling requests
    Key changes from 2013: Obligatory representation by tax lawyers or tax consultants in certain procedures. Changes in the area of competence of the customs authority and tax authority. Amended rules of binding ruling requests. Simplification of administration requirements. New rules in the suspension and deletion of tax identification numbers. Risk analysis carried out by the tax authority. Certificates issued by the tax authority. Self-revision. Reporting of the online access to electronically issued invoices to the tax authority. (This article is available in Hungarian only.)

  • 17.12.2012 Tax News (HU) - Tax law changes 2013 - Personal income tax

    superbrutto, cafeteria, in-kind benefits, insurances
    The calculation of the personal income tax based on an adjusted, increased tax base ("superbrutto") will be repealed. Benefits in kind (cafeteria) will be more expensive. New tax rules of insurance contributions. (This article is available in Hungarian and German only.)

  • 17.12.2012 Tax News (HU) - Tax law changes 2013 - Accounting

    accounting, financial statements 2013
    Key changes from 2013: Definition of significant mistakes in the financial statements. Simplified financial statements for micro-entrepreneurs. Accounting of subsidies. Loss-in-value of inventories. Consolidated financial statements. Early payment discount. Data content of the financial statements when changing to a business year different from the calendar year. Use of electronic documents in the accounting. (This article is available in Hungarian and German only.)

  • 17.12.2012 Tax News (HU) - Tax law changes 2013 - Corporate income tax

    corporate income tax Hungary 2013
    Key changes: Special tax rules of intangible assets and shares reported to the tax authority. Definition of a controlled foreign company (CFC). Calculation of the alternate minimum tax base. Triple tax base allowance for research and development (R&D) costs. Thin capitalization. Loss carry-forward. Development tax allowance. Deductibility of product samples transferred. Non-deductibility of subsidies provided to small entrepreneurs that are subject to the special tax scheme ('KIVA'). (This article is available in Hungarian and German.)

  • 17.12.2012 Tax News (HU) - Tax law changes 2013 - Value added tax (VAT)

    VAT 2013 Hungary
    Key changes: Transfer of a business unit. Cash-flow based VAT. Invoicing, simplified invoices, electronically issued invoices. Extension of the domestic reverse charge procedure. The threshold for tax exempt small enterprises increases to HUF 6 million. Place of supply rules of the long-term hiring of vehicles. VAT deduction on repair and maintenance services related to passenger cars. VAT refund for foreign taxpayers. (This article is available in Hungarian and German.)

  • 31.10.2012 Tax News (HU) - Small entrepreneurs' tax (KIVA)

    small entreperneurs' tax
    Two new optional tax schemes will be introduced from 2013 for small entrepreneurs: the flat tax ("KATA") and the small entrepreneurs' tax ("KIVA"). This article summarizes the key rules and conditions of the small entrepreneurs' tax. (This article is available in Hungarian only.)

  • 31.10.2012 Tax News (HU) - Flat tax for small entrepreneurs ("KATA")

    Flat tax for small entrepreneurs ("KATA")
    Two new optional tax schemes will be introduced from 2013 for small entrepreneurs: the flat tax ("KATA") and the small entrepreneurs' tax ("KIVA"). This article summarizes the key rules of the flat tax scheme. (This article is available in Hungarian only.)

  • 31.10.2012 Tax News (HU) - Social contribution allowances for keeping jobs

    Social contribution allowances
    To promote the maintenance of jobs, employers may receive various allowances from the social contribution of 27% and the training fund contribution of 1.5%. Benefits apply for the employment of persons under the age of 25 and above the age of 55, for the employment of permanently unemployed or unqualified persons, or for employees returning from child care. (This article is available in Hungarian only.)

  • 31.10.2012 Tax News (HU) - Insurance tax

    insurance tax, surtaxes, insurance services
    A new insurance tax will be introduces from 2013. At the same time, the insurance surtax of financial service providers will be abolished. The insurance service is taxable if the risk covered is located in Hungary. The tax is payable by the insurance service provider based on the gross insurance fees. (This article is available in Hungarian only.)

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FALCON’s „TAX-NEWS” is prepared with due care, is intended to provide general guidance and therefore only provides a quick overview of recent changes in tax legislation. For this reason it does not aim for completeness and preciseness. Specifically, it cannot replace the personal tax advice that is required for each individual matter. Therefore, please understand that we assume no liability whatsoever for the contents of the TAX-NEWS.

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