News

The simplified employment tax has been doubled

The government decree on extra-profit taxes which was described earlier also amends the rules on simplified employment. From 1 July, the tax burden changes, which means that the payable tax by the employer increases. What exactly does it mean? In the following, we are going to review the rules of simplified employment. The following simplified […]

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Trust Structuring

The new Civil Code 2013 introduced the concept of the trust as fiduciary asset management contract (FAMC or trust) in y2014. The concept of this new type of contract was drawn up on the basis of the model of the trust in English law and that of the Treuhand in German law. The regulation of […]

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Requiem for the controlled foreign companies – The European Anti-Tax Avoidance Directive, Part 1

In the following, we are going to discuss the international provisions applicable to controlled foreign companies, in particular the so-called ATAD (Anti-Tax Avoidance Directive), which is about: laying down rules against tax avoidance practices that directly affect the functioning of the internal market. The other, similarly friendly word is EBITDA, which stands for earnings before […]

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Tax issues in fiduciary management

Assets under management is subject to corporate tax, has its own tax number, but its tax obligations (filing, declaration, payment of taxes, etc.) are fulfilled by the trustee. This strange line-up raises many questions on the part of the trustees and sometimes also on the part of the tax authorities. Tax liabilities of the Hungarian […]

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Family Law and Defined Inheritance Rules

PROBATE PROCESS The local authority of the deceased person’s last place of residence is responsible for preparing the probate proceedings, but they are conducted before the appointed probate notary. All interested parties are obliged to attend the probate proceedings. The procedure is usually governed by the deceased person’s testamentary will or by the applicable legal […]

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Type of Entities in Hungary

Under Hungarian law, entities may be natural or legal persons and associations of persons without legal personality. From an estate planning perspective, the main types of companies (legal persons) in Hungary: general partnership limited partnership limited liability company limited company by shares (public or private) The most popular Hungarian legal entity that trustees of a […]

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