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Hungary has agreed to introduce the global minimum tax

We have already discussed plans for the introduction of a global minimum tax. Last week, Hungary agreed to join the convention that aims to set corporate tax at a 15% minimum for international companies that have a yearly revenue above EUR 750 million.

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Explore the new small business tax calculator

Every newly registered company in Hungary must choose a tax regime. Is the regular corporate tax or KIVA more beneficial for your company? Check out our new small business tax calculator, and let us help you make an informed decision.

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Accounting for the climate crisis

Climate change is happening. But what does accountancy do with mitigating its effects? Accountants are skilled at creating reports and projections, and they can help managers and investors make decisions that push development toward sustainability and reaching climate protection goals.

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AI and automation in accounting

Automation in accounting, just in any other fields, aims at removing simple and repetitive tasks from the workload of specialists, so they can focus on tasks that require more expertise and creativity. Adding AI to the mix will be a next step that enables an even higher level of automation and increase in efficiency.

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Outsourced accounting vs. in-house accounting

Start-ups and SMEs usually have outsourced accounting. But what are the main benefits, and when does it makes sense to have accountancy in-house instead? There are three main factors to consider: the size, the activity, and the budget of your enterprise.

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Local business tax: how much do you need to pay?

At 9%, Hungarian corporate tax is one of the lowest in the European Union. However, depending on its registered seat, your Hungarian company will very likely to pay local business tax as well. As opposed to corporate tax, local business tax does not exist in other countries, so it is recommended to learn what it is and how much of it you can expect to pay.

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Invoicing in Hungary: e-invoice, PDF, or paper invoice?

If you run a business, you are probably familiar with the basics of invoicing and know what to write on an invoice. But are e-invoices, PDF invoices or paper invoices the best option for you? There is more to consider than meets the eye.

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Issuing invoices in Hungary: reverse charge on VAT

Most business owners in Hungary are used to issuing and receiving invoices with value-added tax. When such an invoice is issued, the buyer must pay the gross amount, and later both parties submit a VAT report indicating the value added tax they received and paid. These two amounts determine whether the seller needs to forward any VAT to the tax authority. Reverse charge works the opposite way: the seller cannot charge VAT because it must be determined and paid by the buyer.

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Home office vs. telework in Hungary: rights and obligations

the terms home office and telework are often used interchangeably in Hungary, they refer to different concepts. You should be aware of the difference and the implications for you as an employer to ensure that you comply with the regulations.

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Make sure to pay the BKIK contribution for 2021

If you have a business in Hungary, you may have received an e-mail from the Budapest Chamber of Commerce (BKIK) about your yearly contribution. This is a fee that all Hungarian companies must pay to support the operations of the Chamber of Commerce. But how much do you need to pay and what can you expect if you miss the deadline?

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