Tax

Hungary and Switzerland Strengthen Economic Ties with Updated Tax Treaty

Hungary's growing economic performance and competitive tax system offer a good business environment for companies from Switzerland, while the presence of Hungarian companies in Switzerland is also growing.

Balazs Kantor Joins Kapolyi as Partner and Head of Tax

Former Lakatos, Koves and Partners Head of Tax Balazs Kantor has joined Kapolyi as a Partner and the firm’s new Head of Tax.

Nora Olah Makes Partner at Schoenherr

Schoenherr has promoted Nora Olah to Local Partner in its Bucharest office.

Ukraine Lifts Import VAT and Customs Duties from Certain Energy-Generating Equipment

In response to the extensive destruction caused by Russia to Ukraine’s critical energy infrastructure, the Ukrainian government continues to implement emergency measures to restore energy-generating capacities and ensure energy stability across the country.

The Social Tax on Interest Income Remains with Us

Since 1 July 2023, interest income has been subject to a 13% social contribution tax (‘szocho’) in addition to the 15% personal income tax (‘szja’). Originally this was only for the duration of the emergency caused by the armed conflict in Ukraine. However, a new act published in the Hungarian Official Gazette on 18 June 2024, changed the situation.

ECJ Decides on Hungarian VAT Refund Claim

In its latest decision of May 16, 2024 the European Court of Justice (ECJ) reflected on the Hungarian foreign VAT refund regime. ECJ established once again that non-compliance with formal requirements should not prevent reimbursement of VAT provided that substantive requirements can and have been satisfied.