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News about tax law changes in Hungary

4 May 2012

Based on the publication provided on the website of the Hungarian government the following changes will be introduced during 2012 and from 1 January 2013. This is only preliminary information, which may be modified.

 

1. Transfer duty – bad news to real estate distributors

Based on the proposed changes transferring the shares of a company owning real estates between related parties will only be exempt of transfer duty if the main activity of the purchaser is leasing, operating or purchasing/selling real estates. Real estate distributor companies will not able to apply the transfer duty exemption!

 

2. Personal income tax

The employee should require from its employer to apply the tax base multiplied with 1,27 if the total revenue will be more than 2.424.000 HUF on annual basis. Therefore the potential additional tax liability may be higher (currently only 12% difference penalty should be paid) .

 

3. Corporate income tax

In case of public benefit organization the tax base can be decreased with 20% of the provided support if a support agreement is concluded between the entities (currently permanent support agreement is required, which requires an ongoing contribution). Further change that the extraordinary income due to dividend which has been incurred in the previous periods can be deducted from the corporate income tax base without time limitation.

 

4. Social security

Every Hungarian resident individual should pay social service contribution from 1 January 2012 (with retroactive effect).

 

5. Tax procedure

  • Good news that the tax shortfall, which has came to power on the basis of the resolution of the tax authority cannot be executed until the deadline for the jurisdicial appeal is not elapsed
  • From 1 September 2012 the document submitted by the Tax Authority should be treated as posted on the date of submission if the document cannot be posted to the taxpayer, or the post office submit the document two times. The Tax Authority is not liable to inform the taxpayer regarding this matter, however this fact will be published on the webpage of the Tax Authority and the taxpayer will be informed electronically regarding this matter.
  • Until 31 March 2013 every employer should provide information to the Tax Authority regarding loans/supports provided to the employees.

 

6. Company procedure

The annual report should be submitted until the statutory deadline. If the deadline is missed the Tax Authority can levy default penalty without any notification. This may be applied with the annual reports, published in 2012!

 

7. Medicine supply

Good news to the medicine suppliers the extra tax on the margin on selling medicines and medical related instruments is going to be cancelled.

 

8. Value added tax

From 1 January 2013 the tax number of the purchaser of the service should be indicated on the invoice if the VAT on the invoice is more than 500.000 HUF. Furthermore the tax number, the number of the invoice should also be indicated in the VAT return per invoices (this should mean significant additional administration)! This administration should be done if the taxpayer issue invoice, which includes VAT more than 500,000 HUF.

 

9. Extra tax of financial institutions

The financial institutions should pay 50% contribution on the basis of the “group credit law” provided by the Hungarian state. This contribution can be decreased certain benefits (i.e. releasing receivable connecting to real estate, financial leasing agreement, etc.)

 

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Originally established in Central and Eastern Europe in 2006, Accace ranks among the leading outsourcing and consultancy providers in the region. Engaging over 600 experts, we have vast experience with handling small to large scale, multi-country outsourcing projects and providing a comprehensive range of our services to over 2,000 customers.

About Accace Circle

Accace operates internationally as Accace Circle, a co-created business community of like-minded BPO providers and advisors who deliver outstanding services with elevated customer experience. Covering almost 40 jurisdictions with over 2,000 professionals, we support more than 10,000 customers, mostly mid-size and international Fortune 500 companies from various sectors, and process at least 170,000 pay slips globally.

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