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Keeping you update with the latest news, changes and developments covering tax, accounting and payroll.

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Specialities of project accounting – SME INFO 2020-18

12-11-2020 Accounting Hungary

As from 2020 on, also with the intention of IFRS harmonization, project accounting and the method of accounting for sales revenue based on the completion degree of the project was introduced in the Hungarian Act on Accounting. This change can have significant effect on the annual report and the profit of companies meeting the criterias of applying project accounting (e.g. in the building industry).

ECONOMIC MEASURES OF NOVEMBER 2020 WITH RESPECT TO MITIGATE THE EFFECTS OF CORONAVIRUS IN HUNGARY – SME INFO 2020-17

11-11-2020 Accounting Hungary

As from 2020 on, also with the intention of IFRS harmonization, project accounting and the method of accounting for sales revenue based on the completion degree of the project was introduced in the Hungarian Act on Accounting. This change can have significant effect on the annual report and the profit of companies meeting the criterias of applying project accounting (e.g. in the building industry).

Tax law changes as of 2020 2nd half and 2021 in Hungary – SME INFO Nr.2020-16

31-07-2020 Tax Hungary

The Act LXXVI of 2020, published on 14 July 2020 and establishing Hungary’s central budget plan for the year 2021, contains several changes which will have impact, among others, on the area of taxation. Hereunder we sum up the issues we deem important with the intent of arising attention, but without a claim of being exhaustive.

 

DAC6 – REPORTING OBLIGATION IN RESPECT OF THE AGGRESSIVE TAX STRUCTURES – SME INFO 2020-15

20-07-2020 Tax Hungary

Struggle against tax avoidance or evasion is one of the EU’s political priorities. Exchange of information among the individual national tax authorities in respect of cross-border transactions is an efficient means for this. The reporting obligation concerning aggressive tax arrange­ments is regulated by the Council Directive (EU) 2018/822 of 25 May 2018 or shortly DAC6 Directive, which was taken over into the Hungarian legislation with an effect of 1 July 2020. (This issue is based on the actual DAC6 regulations, so it is to replace SME INFO Nr.2020-13 published on the same topic on 18 June 2020.)

PS SME INFO 2020-12 – NEW ACT CXXII. OF 2019. ON SOCIAL SECURITY IN HUNGARY

12-06-2020 Tax Hungary

On 1 July 2020, the new Act on Social Security shall come into force and implement changes at several points. Most important of the changes is that the currently applied contributions are to be merged into one single, flat rate contribution, simplifying and unifying the current structure, but in certain cases also increasing the amount of contribution payable by the employee.

ANTI-CRISIS SHIELD – INFORMATION FOR ENTREPRENEURS IN POLAND

01-04-2020 Tax Poland

SME INFO – POLAND Nr.2020-02: On 31 March 2020, the Parliament passed the laws that are a part of the Anti-Crisis Shield, including a new amendment regarding special arrangements for preventing and combating COVID-19, other infectious diseases and the crisis situations caused by them. Below you shall find an overview of the changes presented in the Act and a number of executive regulations that may affect business activity in Poland.