The approaching October 20 deadline has been kept the Hungarian business sphere on edge for quite some time. This is the cutoff for submitting the first EPR (Extended Producer Responsibility) declarations. While many details are still unresolved, it is already clear that attempting to deceive or withhold information is not worth it.
As part of the implementation of the European Union's waste management directives, Hungary will also need to apply the rules of the ‘Extended Producer Responsibility’ (EPR) legislation as from 1 July 2023.
Already last year, it was noticeable that after several years of decline, the Hungarian Tax Authority conducts more and more tax audits. In 2022, the number of tax audits increased by 6.2% compared to the previous year. Experience shows that this trend is expected to continue even more strongly this year. The most commonly audited tax category remains VAT.
Implementing private property investments using company assets is slowly becoming a national sport. While the approach seems tempting, it carries a lot of risk. And the tax authority, NAV, has this type of arrangement firmly in its sights.
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.
