There can be even 1 million wells or borehole in Hungary with an unclarified status that had been built without a permit in the last decades.
As to the pending issue of the preferential VAT rate of 5% for new residential properties, finally the new tax laws approved by the Hungarian Parliament in November 2018 will remain to ensure the reduced VAT rate of 5% in case the date of completion of the residential properties is after 31 December 2019, provided that certain conditions are all met on 31 December 2019.
One of the most important elements of the tax package adopted by the Hungarian Government on 13 November is to create the possibility of tax groupings for CIT purposes from 1 January 2019.
The European Parliament adopted a new regulation on the free flow of non-personal data in the European Union in October 2018.
The common value added tax (VAT) system plays an important role in Europe’s Single Market. VAT is a major and growing source of revenue in the EU, raising over €1 trillion in 2015, which corresponds to 7% of EU GDP. Recent studies have indicated that around €150 billion of VAT revenues goes missing every year due to problems with VAT collection and VAT fraud.