CHANGES OF TAXATION IN HUNGARY - NOVEMBER 2017
Although the changes in taxation procedures usually take a smaller part in our regular annual newsletter, this year they represent the most significant modifications. Furthermore, almost all tax related acts will be modified from 2018, but overall, these changes are marginal compared to previous years, and most of them will have a positive impact for companies and individuals.
Czech employee business travel allowance rules from 1.1.2017
Czech government published updated rates of employee business travel reimbursements valid for year 2017
Changes of taxation in Hungary - January 2017
In accordance with its habit developed in 2015 the Parliament continued the practice of passing the changes to next year’s tax regulations in multiple stages also throughout 2016.
EU customs tariff subject to significant changes from 1.1.2017
EU Customs Tariff will change significantly from 2017. With some cancellation of old and introduction of many new codes, as well as with changes in definitions. The changes will affect not only customs clearance but also Intrastat reporting.
Real company owners to be recorded in a registry in Czech Republic
Starting from 1 January 2017, companies and trusts have to continuously record up-to-date information for verification of identity of individuals in a position as their real owners.
Proving source of property may be requested by tax authorities in Czechia
Beginning from December 2016 the Tax Authorities may under certain circumstances request a tax payer to prove source of property. Undeclared income may be taxed at double of regular tax rate.