Experience of the 2022 tax audits

 

As it is well known, one of the main tasks of the Hungarian Tax Authority is to ensure budget revenues by collecting taxes and other public charges. The success of this is also linked to the fact that taxpayers are not entirely voluntary and autonomous in meeting their tax obligations, but they are aware of their controllability. This possibility provides a powerful incentive to comply.

Changes as of 2023 affecting the extra-profit taxes

Sectoral special taxes are part of our life since the financial crisis of 2008, further as of the summer of 2022 there are extra burdens, extra-profit taxes, introduced in certain sectors. Companies operating in the financial, banking, and insurance sectors, in the energy sector, in aviation, in telecommunication, and in the pharmaceutical industry, further in the retail sector, had to take a larger part than before in maintaining the balance of the central budget.

Hurry up if you want to create a fiduciary management structure with favourable terms

Those who still want to take advantage of one of the biggest tax advantages of the fiduciary asset management scheme, the possibility of tax-free revaluation, are able to take advantage of the favourable rules until mid-September. After that, the provisions on asset management will become stricter, but due to the other advantages of the scheme, it will worth to consider the creation of the structure in the future in order to preserve the unity of the assets or to make inheritance more flexible. However, it is important to carefully consider the family, legal and tax consequences.

Summer changes affecting corporate taxation

 There have been further changes to corporate taxation in July.