Guidelines on disclosure of non-financial information

Under Directive 2014/95/EU, large companies with more than 500 employees are required to disclose certain non-financial and diversity information in their annual reports. The main objective of the Directive is to boost corporate transparency and performance by increasing trust among stakeholders, investors and consumers. The Directive entered into force on 6 December 2014 and shall be applied as of 2018 with respect to the information relating to the FY 2017.

Mandatory electronic administration procedures for business entities are on the horizon

From 1 January 2018, a broad range of business entities, including companies limited by shares, limited liability companies, limited partnerships, trade associations, private entrepreneurs, sole corporations, branch offices, cooperatives and law firms as of today, will be obliged to carry out an expansive list of administrative procedures by means of electronic communication.

Hungarian VAT regulations are contrary to the EU law

In a recent case the European Court of Justice considered that certain Hungarian regulations in connection with late payment interest are contrary to the EU law. A grain trader Hungarian company had requested to refund of about HUF 4.5 billion VAT from the tax authority.

Europe on the Move

Infrastructure and mobility has been always an essential part of Europe’s competitive economy and it has a fundamental influence on European citizens’ lives.