Changes from January 2018


Dear Partner,

We would like to draw your attention to a couple of changes that might affect your obligations already from January 2018.

Registration of bank accounts held abroad

All companies must register number of bank accounts held abroad together with name of Bank and date of opening and closing bank account within 15 days from 1st January 2018. If the Company fails to do this registration the fine could be maximum 600k HUF.

Rent a flat

From 1st January there is no 14% health contribution liability for those private persons who have a revenue above 1 million HUF from renting flat.

There is only 2 years left to reclaim VAT without self revision

There was a change in section 153/A par. (1) of Law on VAT 2007. CXXVII. in 2016. Before this change the Companies could reclaim VAT without self revision within 5 years. Due to change in 2016 this period has been decreased to 2 years.
So this means that VAT reclaimable with performance date in 2016 could be deducted latest in December VAT return of 2017 or in Q4 VAT return of 2017 without self revision.
There are exemptions as always like EU purchases these are suggested to read through.

If you are interested in this topic please, contact our experts and we will provide you with further details.