Hungary's growing economic performance and competitive tax system offer a good business environment for companies from Switzerland, while the presence of Hungarian companies in Switzerland is also growing.

Former Lakatos, Koves and Partners Head of Tax Balazs Kantor has joined Kapolyi as a Partner and the firm’s new Head of Tax.

Schoenherr has promoted Nora Olah to Local Partner in its Bucharest office.

In response to the extensive destruction caused by Russia to Ukraine’s critical energy infrastructure, the Ukrainian government continues to implement emergency measures to restore energy-generating capacities and ensure energy stability across the country.

Since 1 July 2023, interest income has been subject to a 13% social contribution tax (‘szocho’) in addition to the 15% personal income tax (‘szja’). Originally this was only for the duration of the emergency caused by the armed conflict in Ukraine. However, a new act published in the Hungarian Official Gazette on 18 June 2024, changed the situation.

In its latest decision of May 16, 2024 the European Court of Justice (ECJ) reflected on the Hungarian foreign VAT refund regime. ECJ established once again that non-compliance with formal requirements should not prevent reimbursement of VAT provided that substantive requirements can and have been satisfied.