On 27 February 2024, the Cabinet of Ministers of Ukraine adopted Resolution No. 227 “On Introduction of Guarantees of Origin of Electricity Produced from Renewable Energy Sources”  (“Resolution”) that came into force on 5 March 2024.

At the end of January, the Ministry of Finance invited representatives of business associations to submit their views regarding the possibility of a reform aiming to increase the progressivity of salary taxation. The Ministry emphasized that the framework for the change refers only to salary tax and not to contributions for mandatory social insurance, as well as that any proposals should produce effects that are de minimis budget neutral, both at the level of the entire economy and at the level of local governments.

The Court of Justice of the European Union (the “Court of Justice of the EU” or the “Court”) delivered a judgment, on 20 February 2024, in Case C-715/20 (K.L. v X sp. z o.o.), in which it ruled as follows:

There are few healthcare reforms that could be called revolutionary. Even fewer have been initiated in the courtroom. Case C-412/23 could be one of those rare cases. On July 5, 2023, the European Commission brought an action against the Slovak Republic for allegedly infringing Directive 2011/7 on combating late payment in commercial transactions by continuously failing in 2015, 2016, 2017, and from 2018 onward to ensure that public entities providing healthcare pay their commercial debts within a maximum period of 60 calendar days.

Recently, Slovak legislation underwent a significant change with the adoption of the Act on Transformations of Commercial Companies and Cooperatives. Effective as of March 1, 2024, the act marks a departure from previous regulations within the Slovak Commercial Code, which had grown rather inflexible and outdated in the area of corporate transformations.

The solar power plant market in Hungary became very active lately and it is expected to grow further still. Transactions in this market require more due diligence than, for example, the sale of a business property, and it seems that as of this January, foreign investors will need to consider this further aspect simultaneously when making a business decision on a solar market transaction.

Hungary recently adopted the so-called “ESG Act” (Act CVIII of 2023) relating to corporate social responsibility, taking into account environmental, social, and governance aspects, in order to promote sustainable financing and unified corporate responsibility. The act will gradually enter into force for different players within three years but, in general, is applicable as of January 1, 2024. The act is a framework regulation and further detailed rules are to be set out in government decrees yet to be issued to give greater clarity to market participants.

Hungary’s real estate market has undergone a notable transformation in response to recent economic shocks – war, soaring energy prices, sharp interest rate hikes, and high inflation rates. Initially taking a cautious wait-and-see approach, market players have now shifted toward a more proactive approach, navigating the complex economic environment through innovative strategies. Among these strategies, mixed-use developments have gained traction. They’re seen as resilient to market turbulence but also provide innovative development opportunities and new ways for urban transformation.

I looked at M&A transactions in the last years using publicly available sources, our own transactions, and information provided by corporate finance advisory partners. I found that in 37% of the cases, purchasers came from Western Europe, in 37% from Hungary (private companies or the Hungarian state), and in 11% from investors in the CEE, while transactions where the purchasers were of US or Asian origin were negligible (US 3%, Asia 4%).

Important changes entered into force as of January 1, 2024, in the world of designs. As a result, it will be easier, faster, and cheaper to obtain IP design protection in Hungary.

Hungary’s litigation landscape was shaped by the economic trends, domestic legal reforms, and global crises of the past 10-15 years. From the 2008 economic crisis to the implementation of the new Civil Procedure Code in 2018 and the transformative effects of the COVID-19 pandemic, it has been a rollercoaster ride.

The waves of the COVID-19 pandemic, although hitting the population quite hard, served as an impetus for employees seeking refuge in home office.

In the burgeoning landscape of alternative energy, hydrogen emerges as a beacon of hope, championing the transition toward a cleaner, more sustainable future. However, not all hydrogen is created equal, and the color code attributed to its production process not only paints a picture of its environmental footprint but also hints at the broader implications for our global energy matrix. This article delves into the colorful world of hydrogen, exploring the significance and implications of its diverse hues.

From 28 March 2024, businesses operating in Hungary will be required to offer services by the state-owned enterprise Hungarian Post ("Magyar Posta") as a delivery option for consumers using their online stores. The text of the new provision is concise and has raised several questions.

Slovenia and Croatia adopted the Minimum Tax Act (MTA). The MTA implements Directive (EU) 2022/2523 to ensure a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the EU. The latter is a consequence of the OECD’s global fight against tax base erosion within the scope of Pillar II.

On 19 March 2024, the Ukrainian Government decided to close a sanctions-related database maintained by the National Agency on Corruption Prevention (“NACP”).

On 6 March 2024, the Ministry of Energy received approval from the European Commission (the “Decision“) for the contract-for-difference financing scheme in support of onshore wind and solar PV installations to promote the transition to a zero net-zero economy. On 27 March 2024, a non-confidential version of the Decision was published in the State Aid Register on the Commission’s competition website.

On 22 March 2024, the Cabinet of Ministers of Ukraine adopted Resolution No. 331, which amended the process of adoption and placement of children into other forms of family care.