Blog

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.

The Authorities may impose fines if you do not review your GDPR documentation every three years!

• 2022 July 01

The mandatory 3-year review is provided for by the Info Act (Act CXII. of 2011), according to which - unless other legislation specifies a different period - the controller shall review at least every three years from the start of processing, whether the processing of personal data is necessary for the purposes of the data management - points out Dr. Roland Zsidi, senior lawyer at ICT LEGAL, Dr. Termel Law Office.

If you see these signs, it is worth switching accountants - interview with András Csősz

• 2022 June 23

He leads an eight-person sales and marketing team and has more than 10 years of professional and sales management experience in confidential services such as accounting, payroll and business consulting. He joined the ICT Europe team when there was not a single client, and today the company books more than 250 companies and group businesses. We interviewed András Csősz, sales manager and consultant at ICT Europe, about his experience with accountancy changes and the challenges and difficulties he sees in this area.

Introducing extra profit taxes

• 2022 June 10

The Government Decree No. 197/2022 (VI.4) regulating the extra profit tax (hereinafter referred to as the Extra Profit Decree) was published in the Hungarian Gazette No. 93 of 2022. The provisions of the regulation - except for the rules on the determination of the specific value of mining, mineral raw materials and geometric energy - will enter into force on 1 July 2022. The tax liability mainly concerns the tax years 2022 and 2023. The tax expert team of ICT Business Advisory summarises the most important rules and changes below.