Tax changes in 2023 - summary

• 2023 January 10

Act XLV of 2022 amending certain tax laws has been promulgated, and the more relevant tax changes that came into force on 1 January 2023 are presented below.

5-min read

2023: Series of employment lawsuits can be expected if company management does not pay attention to this!

• 2023 January 05

The Labour Code will be amended as of 1 January 2023 under the proposed law "Amending certain employment-related laws", voted by Parliament on 7 December 2022. The management must also give reasons for immediate termination during the probationary period, warns Dr. Roland Zsidi, senior lawyer at ICT LEGAL, Termel & Zsidi Law Firm.

3-min read

Attention: employees can also pay after the Christmas present they receive!

• 2022 December 07

It's the season of the usual company gift giving and Christmas parties. With energy prices rising and a high inflationary environment, companies can expect even higher costs than usual. It is important to pay attention to what kind of gift or event is taxable, how much tax is to be declared and paid, to whom, and what can be given tax-free - says Csaba Szabó, Professional Director of ICT Europa Finance Zrt.

3-min read

Businesses can prepare for NAV audits due to tightening transfer pricing registration rules!

• 2022 December 02

Domestic transfer pricing regulations have gained new momentum this year. Legislative changes in 2022 will impose data reporting obligations on companies required to keep transfer pricing records. The most important of these is the obligation to provide data in the corporate tax return for the tax year 2022. As a result, companies with a normal tax year (1 January to 31 December of the current year) will have to include certain transfer pricing register data in their corporate tax return to be filed by 31 May 2023. It is not yet known what these data are, but it is known that the tax authority is entitled to impose a HUF 5 million fine for missing or incomplete records, warns Csaba Szabó, professional manager of ICT Europa Finance Zrt.

The Big 10X Rule

• 2022 August 24

These days it’s easy to get lost in the hype culture that surrounds business in general. I came across this article a few weeks ago and then more and more of this 10X nonsense followed.

KATA: In case of financial fulfillments after 31 August, you should pay close attention to this!

• 2022 July 29

Since the introduction of the new KATA legislation, many people are looking for ways to "extend" the validity of the KATA a little longer for invoicing business partners. In this context, the question has been raised in several forums as to whether it is possible to invoice in advance for services for the remaining part of the year, given that the legislation still considers fees due on the basis of a receipt issued by 31 August as revenue under the current rules. There is one case where this is possible, but in that case, attention must be paid to the proper practice of law," points out Dr. Babett Korponai, senior tax expert at ICT Business Advisory Zrt.

Expanding your business in America? How to get started? – Interview with Görgy Lovász

• 2022 July 21

The United States – a completely different culture, huge market with enormous purchasing power and potential. However, applying for a visa might seem a complicated process with many bureaucratic and administrative difficulties. In spite of these hardships, it is a completely viable path. The difficulties of the system often discourage people from completing this process, but in fact it is completely feasible and available for everyone. If someone is aware of the process of visa application and willing to go through, then the United States’ market can offer huge opportunities. In our interview we ask György Lovász, CEO of ICT Europe company group and ICT Lions (the company’s American branch) about the visa application process, its detalis and possibilities.

Rising utility bills: employers can help tax-free, here's how!

• 2022 July 18

The Government Information Centre issued a statement today, which shows that from 1 August, 1.4 million consumers will be affected by the expected drastic increase in electricity prices, and 900 thousand consumers will be affected by the drastic increase in gas prices.

Significant changes to KATA taxation, is the flat-rate taxation worth it?

• 2022 July 12

The new draft law setting out the new rules for the flat-rate tax on small taxpayers, more popularly known as the KATA, has been passed at record speed. This time, the legislator is not amending existing legislation, but devoting an entirely new piece of legislation to this tax.

Companies with late reporting: fines and tax number cancellation could be the result!

• 2022 July 05

A registered company that keeps double-entry accounts must file the accounts approved by the approving body by the last day of the fifth month following the balance sheet date of the financial year (31 May following the end of the month in question in the case of a financial year corresponding to the calendar year). If the Company is subject to statutory audit, the independent auditor's report, including the audit opinion or the report of the independent auditor refusing to grant the audit opinion, must also be filed. The accounts must be deposited in the same form and content (wording) as the basis on which the auditor reviewed the accounts - points out Gábor Gulyás, Chief Auditor of International Consulting Team Audit Ltd.