A new official electronic register for general power of attorney has been established and is operating from 1 January 2018. The general POAs can be submitted in civil litigation and non-contentious cases and in administrative court procedures.
In line with a recent modification approved by the Hungarian Parliament as of 1 January 2018, employers are no longer able to prepare tax assessments for their employees.
According to the new Hungarian tax procedural act entered into force on 1 January 2018, business associations are obliged to report data about their foreign bank accounts to the tax authority. The law requires that business associations having a foreign bank account number must report until 31 January 2018 such foreign bank account number and the name of the foreign bank on a special form applicable for this purpose.
The Court of Justice of the European Union (“EU Court”) on 29 November 2017 adopted a decision in a case from the UK, which states that workers shall be entitled to accumulate paid annual leave when the employer does not put them in a position in which they are able to exercise their right to holiday pay.
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 this obligation is the reduction of tax evasion and the whitening of the economy.