As of 1 July 2022, Hungary's already existing financial transaction tax has been extended to payment service provision, credit and loan provision, currency exchange and mediated currency exchange services provided on a cross-border basis in Hungary. Provision of cross-border services means financial services provided in a country other than the country where the seat, place of business, head office, or branch of the service provider is located. Basically, this means that non-Hungarian service providers providing such services to Hungarian customers will most probably be affected by this extension.
Restructuring Laws and Regulations in Hungary
Contributed by Nagy es Trocsanyi.
Baker McKenzie Appoints Akos Fehervary as Budapest Office Managing Partner
Partner Akos Fehervary has been elected as the new Managing Partner of the Baker McKenzie Budapest office, as of July 1. Fehervary takes over the position from Partner Zoltan Hegymegi-Barakonyi, who led the operation for the past nine years.
Additional Cases Require the Opinion of Design Council, Postponed Energy Requirements
On 16 August 2022, a government decree was published amending certain construction, heritage protection, property management and government administration rules.
Eros Law Firm Opens Doors in Budapest
Former Wolf Theiss Partner Akos Eros has established a new firm in Budapest: Eros Law Firm.
Hungarian Motorways to be Operated by Private Companies
As a result of the concession procedure previously launched by the Hungarian Government, the Hungarian State handed over the operation and maintenance of 1,237 kilometers of motorway to five different private companies from 1 September 2022 for 35 years.
FDI Screening in Hungary
This article provides an up-to-date overview of the currently existing FDI regimes in Hungary.
Hot Practice in Hungary: Janos Rausch on Ban, S. Szabo, Rausch & Partners’ M&A Practice
Ban, S. Szabo, Rausch & Partners’ busiest practice has been M&A, primarily driven by the consolidation trend in the Hungarian market, availability of investment money, alongside major companies seeking product diversification, according to Managing Partner Janos Rausch.
Hungary: Employment - Wages Without Currency Fluctuation
In recent weeks, the question of how to pay wages in euros has been raised more and more frequently. Can employees ask their employers to stop paying their monthly wages in forints and start paying them in euros? Considering the increasing importance of the issue, in the followings we are assessing whether Hungarian labour law allows for the possibility of setting and paying wages in foreign currency.
Attila Bocsak Joins Gulf Bridge International as GC in Qatar
Hungarian lawyer Attila Bocsak has relocated to Doha, Qatar, to take on the role of General Counsel with Gulf Bridge International.
PeliPartners Advises GTC on Cascade Office Building Sale to Crown Holding
PeliPartners has advised Global Trade Center on the sale of Bucharest's Cascade Office Building to Hungarian Crown Holding Kft.
Hungary: An Extra-Profit Tax Burden for Renewable Energy Producers
The Hungarian government has introduced an extra tax of 65% on particular turnover of energy producers from renewable sources.
W&I Insurance On The Rise in CEE: An Interview with Gergely Juhasz of RFB Consulting
Last year has been a busy time in terms of warranty & indemnity insurance for the CEE market, according to W&I Insurance Broker and Advisor and former M&A lawyer Gergely Juhasz.
Judit Zalan-Lipak Appointed to Vanguards Group's Deputy General Legal Counsel
Former EY Attorney at Law/Manager Judit Zalan-Lipak has joined Vanguards in Hungary as its Group Deputy General Counsel.
Hungarian Competition Authority to Propose Sustainable Product Routes and Boost Domestic Production in the Insulation Materials Market
In August 2022 the Hungarian Competition Authority (GVH) closed its accelerated sector inquiry into the market for insulation materials, providing recommendations to manufacturers, the public, waste management operators and the legislator, aiming for a decrease in product prices.
The Central Bank of Hungary Suspended the Placement of Shares of a Public Limited Company
On 22 July 2022, the Central Bank of Hungary (MNB) suspended the placement of shares of FuturAqua Nyrt. (Issuer) to be issued in the course of the share capital increase and imposed a supervisory fine of HUF 5 million (~ EUR 12,500).
Corporate Proceeding Changes from 1 August 2022
The main amendments to the decree of the Ministry of Justice on certain aspects of the company registration procedure and the register of companies entered into force on 1 August 2022, while certain provisions enter into force on 1 September 2022. The new rules became necessary to comply with Directive (EU) 2017/1132 of the European Parliament and of the Council.
Moore Legal Hungary Advises Alpac Capital on Investment in TC2
Moore Legal Hungary has advised Alpac Capital on its EUR 2 million investment in TC2.