Auditing parent companies … much ado about what exactly?

Ádám Fischer | 27 May 2019

A position statement issued at the end of last year in response to an accounting question is now coming sharply into focus for the first time. According to the statement, all holding companies are subject to an auditing obligation. Or are they?

How to win a lawsuit – a good expert is worth their weight in gold

Ádám Fischer | 6 March 2019

In today’s complex world, a growing number of lawsuits hinge on an expert’s opinion. So the matter of who testifies as an expert witness in your legal case does make a difference. Fortunately – due in no small measure to the new code of procedure – it is now possible to influence this.

I am selling my company ... how am I taxed?

Ádám Fischer | 8 November 2018

A growing number of family businesses are coming up for sale these days. This is partly due to the favourable investment environment, and partly to the difficulties to pass on businesses to the next generation. A critical aspect in such deals is: what kind of tax implications the sale will have for the sellers. While, in some cases, the sale can be made tax-free, at other times a private individual divesting his or her share in the business can be faced with a tax liability of up to 34.5%.

Can final NAV decisions be re-contested?

Ádám Fischer | 30 May 2018

Due to a seemingly trivial error, a series of NAV decisions are being overturned in court: a good many of them don’t contain the proper signature. This procedural error, however, could be useful not only in ongoing lawsuits, but possibly in past, closed procedures too – hundreds of businesses could claw back the tax forints they thought were lost for good.

NAV is coming… 10 questions you should know the answer to

Ádám Fischer | 13 March 2018

Since the start of the year there have been new laws in place regulating tax audits and tax lawsuits. The stakes are pretty high: the National Tax and Customs Administration (NAV) conducts almost 30,000 audits annually, assessing tax deficiencies of about HUF 500 billion and imposing fines of almost the same amount. Therefore it is important to know the rights taxpayers have under the new rules and the most efficient ways to fight NAV.

When does a tax lawsuit begin? New tactics will be needed in tax lawsuits from January

Ádám Fischer | 26 September 2017

New laws taking effect on 1 January next year will transform the tax audit procedure and the way tax lawsuits unfold. While some of the amendments are business-friendly, they also conceal a number of traps that are clearly detrimental to taxpayers’ interests. For example, the rights of taxpayers to defend themselves against the tax authority, and to make use of experts, will be compromised.

End to an unjust fine?

Ádám Fischer | 3 March 2017

Under current practice the Tax and Customs Administration (NAV) fines taxpayers that are caught with a VAT shortfall even if the budget has sustained no losses. An opinion recently published by the Advocate General of the European Court of Justice could spell the end for this extremely unfair and much criticised procedure.

Tags:
EU, tax penalty, VAT

Hungary makes a brave move in international tax competition

Ádám Fischer | 14 December 2016

While Hungary has long been a preferred place in international tax planning, with a flat 9% corporate tax rate recently introduced, the country has arrived to the forefront of the competition. Adding also the absence of withholding taxes, the participation exemption both on portfolio holdings and intellectual properties, coupled with all benefits of an EU–compliant tax legislation, Hungary is destined to become a popular place for tax experts.

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Who is this blog addressed to?

The law is constantly in flux. While many people may find this intimidating, for us it’s precisely what makes it so exciting. We’d like to share this attitude with businesspeople and managers, and with those who just have an interest in business law, in the form of a regularly updated blog that discusses the latest tax law and commercial law issues in an accessible style. Feel free to send your questions and suggestions for topics you’d like us to cover to blog@jalsovszky.com.

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