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Invoice data-reporting obligations from 1 July 2018

Based on the recently modified Hungarian VAT Act, in case of invoices issued in connection with transactions between resident taxpayers, the issuer of the invoice is obliged to report data from the invoice to the tax authority if the output tax is equal or above HUF 100,000. The goal of…

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The e-payment will be safer and more innovative

Since the number of payment fraud cases have increased in the electronic payments in the previous years, the European Commission adopted stricter rules in November 2017 in order to make the electronic payments in shops and online safer, to reduce the number of frauds and to protect the confidential financial…

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Settlement procedure before notary public

As a result of the new Hungarian Code of Civil Procedure, from 1 January 2018 the parties of a dispute may conclude a settlement in civil cases before a public notary without initiating a court proceeding in the framework of a new non-litigious procedure. A settlement procedure before a notary…

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Open banking is coming to Hungary

The revised payment services directive (“PSD2”) has already been implemented in Hungary, most of the provisions will be effective on 13 January 2018. PSD2 will open up the payment market to new players (“fintech companies”) in the payment services, particularly to payment initiation service providers (“PISPs”) and to account information…

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New provisions on the Hungarian State Treasury

In November 2017 a new government decree entered into force on the status, organisation and tasks of the Hungarian State Treasury (Treasury). As of 31 October 2017 in the new governmental organisational structure the National Pension Insurance Agency terminated with succession by merging to the Treasury.

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