New rules for multinational firms operating in Hungary

    rules

    Under a new legislation that took effect in May and requires new reporting requirements for the transfer prices of multinational firms operating in Hungary, a fine of up to HUF 20 million can be issued to companies that do not comply with the new rule, Grant Thornton Hungary warns in a press statement sent to the Budapest Business Journal.

    Gábor Szarka, an expert at Grant Thornton, warns managers that multinational firms operating in Hungary must comply with the new reporting requirements, as since the end of May, the automatic exchange of information regarding the transfer price documentation of multinational firms have entered into force, and country-by-country reporting is a part of it.

    The new rules affect those companies whose revenue in their consolidated annual accounts reached EUR 750 million two years ago, Granth Thorton Hungary describes.

    Members of international groups of companies, who fall under Hungarian tax regulations, must register with the Hungarian National Tax and Customs Administration (NAV) by the end of this year, if they apply a fiscal year that is the same as the calendar year. In the case of a different fiscal year, they must comply with the rules by the end of the next fiscal year.

    More content: Failing to comply with new rules could bring HUF 20 mln fine

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