Windfall tax and additional tax increases: waiting for further details
The government announced at the end of May that special taxes would soon be introduced to adjust the central budget so that the planned deficit targets (4.9% of GDP this year and 3.5% of GDP next year) may be achieved. These targeted taxes will be levied in 8 sectors where the Government believes extra profit is generated and thus, introduction of a windfall tax is justified.
The pandemic state of emergency will end on 1 June 2022 and along with that new rules on teleworking, incorporated into the Labour Code and Labour Protection Act, will enter into force. In the following newsletter we summarise the most important changes.
The deadline of 31 May for the declaration of corporate income tax, local business tax for 2021 is approaching
We are sure that most companies have already prepared their annual calculations for corporate tax, local business tax and the innovation contribution. However, it is worth taking a moment to think about whether we have considered everything.
A new form of support to assist the employment of Ukrainian refugees
On 10 March 2022, Government Decree No 96/2022 (III. 10.) on support for the employment of persons with Ukrainian citizenship arriving from the territory of Ukraine was published in the Hungarian Official Gazette. In our newsletter, we briefly describe the main rules and conditions of the support.
Ban on the export of cereals: The government decree restricting exports has been promulgated
On 6 March 2022, a government decree prohibiting the export from Hungary of certain raw materials and products (such as cereals) of strategic importance from the point of view of the security of food and animal feed supply entered into force. The news came as a surprise to Hungarian cereals exporters.
The end-of-May deadline for preparing the transfer pricing documentation and setting the tax base adjustments
Taxpayers with a calendar business year have to file their 2021 corporate tax, local business tax and innovation contribution returns until May 31, 2022. The transfer pricing documentation should also be prepared by the date of filing the corporate tax return, on the basis of which any necessary transfer pricing adjustments may also be determined.
Tax refund for parents - useful information and tasks after the advance tax credits of 15 February 2022
In this newsletter, we will cover the most frequently asked questions arising after 15 February, the date of the automatic personal income tax (PIT) refund, as well as some options available to everyone concerned.