Tax-News

Like every year it makes sense and we recommend to make a tax check up before year end 2012. Decrease your tax burden!

After the Superior Administrative Court ("Verfassungsgerichtshof") had ruled that the Act on Court Filing Fees ("Gerichtsgebührengesetzes") cannot apply the tax base of the Real Estate Transfer to calculate the filig fees for entry in the land register beyond the end of 2012 anymore the fair market value needs to be applied for means of calculating the filig fees for entry in the land register. This inlcudes gifts and inheritances from Jan. 1st, 2013 on according to a draft currently in evaluation. Several exceptions apply. Should you intend to give away land&property you are advised to act quickly if you want to be able to apply the current rules.

Comprehensive tax law changes were adopted in Hungary in June 2012, parts of which will take effect or have taken effect already in 2012. Other changes relate to 2013. The most important changes to the real estate transfer tax relate to the tax exemption of the sale of immovable property between related parties and the amended conditions of the reduced 2% tax rate available for property traders. (This article is available in Hungarian only.)