Lakatos, Koves & Partners has advised Soulbrain on the acquisition of a development site from the state-owned National Industrial Park Management and Development Company and on all other legal aspects of its Hungarian operation. The sellers were reportedly advised by Katona Gyorgy Law Office.

Kapolyi Law Firm has appointed Katinka Tolgyes the firm's new Head of Competition.

Do you need a company to be established in Hungary? You will find below some hints and tips that will make your life easier.

Jozsef Antal, the former Chief Legal Counsel at Unix Auto, has become the new Head of Legal and Compliance at Metro Cash & Carry Hungary.

Former EY Tax Manager Balint Zsoldos has been appointed the new Head of Tax at the KCG Partners Law Firm in Budapest.

Wolf Theiss worked alongside lead counsel Travers Smith in advising TA Associates on an unspecified investment in Netrisk, a Hungarian online independent insurance marketplace. Netrisk and existing investor MCI Capital were advised by Deloitte Legal.

Adrienn Tar has been promoted to Partner at Szecskay Attorneys at Law, where she will head the firm’s Corporate practice.

Most have heard of the difference between Anglo-Saxon case law and the continental courts – and perhaps that Hungary has so far firmly belonged to the latter camp. However, an amendment to the law that has recently been adopted represents a major step in the opposite direction – one that could result in thousands of Supreme Court rulings becoming precedents overnight. 

The National Tax and Customs Administration (“Authority”) has presented its vision for the future at a taxation conference held at the end of November 2019. The Authority has outlined that the emphasis will continuously be on the tax inspection of companies alongside with seizing the benefits of digitalisation and development. The principal objective of the Authority is to promote and enforce compliance with legal obligations. This objective will be supported by a new obligation (applicable as of July 2020) that requires taxpayers to provide complete data on their invoices.

At the beginning of December 2019, the Hungarian Parliament accepted an amendment to the Hungarian Duty Act, which is supposed to enter into force on 1 February 2020.

Kristof Ferenczi, Head of Kinstellar’s firm-wide Energy & Natural Resources practice, has been appointed Managing Partner of the firm's Budapest office.

The provisions of the Hungarian Labour Code on the employees’ leave entitlement will be modified as of 1 January 2020. The new provisions are aimed at extending the employees’ entitlement to take leave for the purpose of providing care for their child.

According to the press release issued on 6 December 2019, the Hungarian Competition Authority (GVH) imposed a fine of HUF 1.2 billion (EUR 3.6 million) on Facebook for misleading users by claiming its services were free.

Deloitte Legal has advised Hungarian web-based insurance broker Netrisk and its majority shareholder, MCI.EuroVentures 1.0., on Netrisk's acquisition of a 100% stake in Biztositas.hu Biztositasi Alkusz Kft., a Hungarian online insurance agent.

A new amendment package was approved in the middle of December 2019. The package includes many novelties affecting the validity and issuance of driver’s licenses, the documents of newborns, document modifications due to marriage, procedures related to death and identity checks conducted by the police.

Affiliated enterprises have to report their related undertakings in a Country-by-Country (furthermore “CbC”) report until 31 December 2019 for the financial year of 2018. The information therein is used for high level transfer pricing examination and risk assessment. If a company fails to comply with the deadline mentioned above, it may expect a default penalty up to HUF 20 million (~ EUR 60,420) from the Hungarian Tax Authority.

The autumn tax package was submitted to the Hungarian Parliament on 12 November 2019.

On 24 October 2019 certain amendments entered into force relating to the rules of simple notification in construction matters (in Hungarian: “egyszerű bejelentés”).