Government Decision no. 1/2016 for the approval of the methodological norms for the application of the new Tax Code has been published in the Official Gazette no. 22 on 13 January 2016.
As a general note, the newly published Norms bring more examples and details in order to clarify the provisions of the Fiscal Code applicable starting 1 January. We have summarized below the main amendments and clarifications introduced by the Norms, organized as the titles of the Fiscal Code.
In our previous newsletter regarding Hungarian Labor Code, we covered topics such as maternity leave, basic employment agreement details, and employee/employer rights. In this newsletter, we will focus more on protecting your business interests after terminating an employee’s contract, as well as some other interesting related topics.
There is a novelty in the area of taxes on income of individuals – a notice of exempt income. It is effective from January 1st, 2015 and applies to taxpayers who receive income worth more than 5 million crowns that is exempt from personal income tax. For the first time, this duty touches the taxpayers just in 2016.
As at start of every year, the tax law changes were of special interest also in 2016. Our summary presents the most important tax changes including the newly approved ones. Please note that the list is non-exhaustive. In 2016 there have been many changes so it is vital to keep up with the new information.
Law no. 207/2015 regarding the Fiscal Procedure Code was approved and became effective as of 1 January 2016. The provisions will apply to administrative procedures started after this date. Most of the amendments are technical aspects regarding fiscal administrative procedure and we will present them below as a high-level review. However, of particular interest are the amendments highlighted at the beginning.