The Hungarian Ministry of Finance published its draft legislation for the implementation of the global minimum tax rules in Hungary for public consultation in October 2023. The package also contained some limited reasoning and impact assessment and stakeholders had one week to comment on the proposal.
In order to boost corporate lending and thus increase economic competitiveness, the legislator recently implemented changes to the Hungarian Companies Act. From 1 January 2024, companies will have to provide additional information about the finances of the company in the registration or modification procedures. In this article, we summarize the new rules and the related deadlines.
From the deceptive quiet of early 2023 to a summer bustling with legal reforms and taxing challenges, Jalsovszky Partner Agnes Bejo sheds light on pivotal developments in Hungary ranging from the EU-mandated whistleblowing system to changes in the trust system, environmental responsibilities, and the shifting investment climate in the country.
From 1 January 2024, companies operating in Hungary will face new significant cyber security related obligations under the Hungarian legislation implementing the EU NIS2 Directive. In this short article, we describe which companies will be affected by the new regulation and what are the most important tasks in the new year.
CMS has advised coordinator and facility agent Raiffeisen Banking Group on the EUR 600 million nine-banking-group club multicurrency revolving credit facility for the MOL Group. Baker McKenzie advised the MOL Group on the deal. CMS also acted as transaction counsel on MOL's JPY 14.6 billion bilateral revolving credit facility and its EUR 50 million bilateral EUR/CNY revolving credit facility.
The Hungarian Whistleblower Protection Act has entered into force this July. While bigger companies have to operate the internal whistleblowing system since the above date, medium sized businesses (50-250 employees) were given a prolonged period until the 17th of December 2023 to implement the reporting channel. Since the deadline is approaching, we summarize how Hungarian SMEs can comply with the Act.
Lakatos Koves and Partners has advised Ukrainian postal and courier company Nova Post on corporate and regulatory aspects of its Hungarian market entry and the opening of its first Hungarian branch.
The Hungarian Competition Authority (HCA) recently published a draft report on its findings based on an accelerated sector inquiry into Hungary's online accommodation booking market. The sector inquiry was launched on 24 August 2023 after the HCA received numerous complaints during the peak summer holiday season about the practices of Booking.com, a key market player, for withholding payments to accommodation providers.
Some significant amendments to the Hungarian Competition Act have entered into force. The Hungarian Competition Authority (HCA) has been very active recently in various sectors. This summary briefly describes the most important changes. Some of the changes require an update to the compliance materials for Hungary.
In a recent decision, the Hungarian Supreme Court had to decide in case, where the amount called by the beneficiary of the guarantee was more than the actual costs incurred. Does call on the bank guarantee shall be proportionate to the costs actually incurred? Shall the beneficiary settle accounts with the debtor after the bank guarantee has been called?