From 1 July 2023, the interest income of natural persons will also be subject to a 13% social contribution tax. This means that - inter alia - interest on deposit accounts, together with personal income tax, will be subject to a total of 28% tax rate.

A recently published government bill plans to modify the Hungarian personal income tax law by abolishing significant tax advantages associated with Hungarian trusts in a short period of time.

Sustainability is crucial for ensuring the long-term wellbeing of the planet and future generations. It encompasses responsible practices that preserve natural resources, mitigate climate change, and promote social and economic balance, ultimately creating a harmonious and sustainable world for all.

Lawyers are keeping busy with new legislation, dispute resolution, and technology work in Hungary, while transactional work and FDIs show a marked slowdown, according to DLA Piper Hungary Country Managing Partner Andras Posztl.

Wolf Theiss has advised a group of investors represented by PolSolar on the engineering, procurement, and construction of a 250-megawatt solar power plant in Mezocsat, Hungary.

 Act C:2021 on the land registry (E-Land Registry Act) was announced on June 28, 2021. It was expected to take effect in February 2023, but it will come into effect on February 1, 2024.

An in-depth look at Peter Berethalmi of Nagy es Trocsanyi covering his career path, education, and top projects as a lawyer as well as a few insights about his as a manager at work and as a person outside the office.

The Hungarian telecoms market saw several major transactions during the past few years, with 2022 and early 2023 witnessing undoubtedly the largest transaction in decades: the acquisition of Vodafone Hungary by 4iG (51%) and state-owned Corvinus Zrt. (49%) for a deal value of approximately EUR 1.7 billion.

Energy crisis, inflation, and the forint exchange rate slide: what impact have these circumstances produced on the office lease market? This article aims to provide an overview of the challenges the office lease market faces in Hungary in such a turbulent period.

In terms of legislation, first, a long-awaited amendment of the insolvency act allows the liquidator to upkeep the debtors’ operation during the liquidation process even if it is at a loss, if it can be assumed that the operation preserves the assets better than shutting off the business would. The liquidator can decide to continue the operation for the first 120 days of the liquidation procedure, but any further extension of this operation period requires the approval of the court.

The escalation of the war in Ukraine in February 2022 shocked Hungary’s energy sector to such an extent that the Hungarian government declared a state of energy emergency by its resolution dated July 15, 2022. After the first anniversary of the escalation, the smoke has cleared enough to draw conclusions regarding the future based on the reactions of the stakeholders.

2022 brought many changes in competition law in Hungary and, as far as we can see, 2023 will not be any different. Here is a short summary of what was on the table in 2022 and what the consequences are.

After a record deal value in 2022, the outlook for M&A in Hungary for 2023 remains positive despite several risk factors. What are they and what could compensate for them? What other factors could have an impact on the current trends? 

The Hungarian renewable energy sector has developed significantly in recent years: the share of electricity from renewable energy sources in gross final electricity consumption was 7.51% in 2017, increasing to 13.9% in 2021. This rapid development was mainly due to the increase in solar power capacity, as the installed capacity of Hungarian solar power plants was around 350 megawatts in 2017, while it exceeded 4000 megawatts in 2022.

Recent changes to the Hungarian Labor Code on the abuse of rights rules are a hot topic among employers, HR professionals, and employment lawyers in Hungary. In this article, we will take a look at what the new rules mean for employers and how they may mitigate the legal risks and financial exposure arising from the amendments.

In recent years, the major development in Hungary’s banking system is the establishment of the country’s superbank through the merger of Budapest Bank, MKB Bank, and the Takarek Group. DLA Piper Partner Andras Nemescsoi, Forgo Damjanovic & Partners Managing Partner Gabor Damjanovic, and Jalsovszky Law Firm Managing Partner Pal Jalsovszky share insights into the driving forces behind this development, its current status, and its anticipated impact on Hungary’s banking sector.

Hungary has traditionally been the go-to hub for filming in Continental Europe. DLA Piper Partner Monika Horvath and Dentons Partner Timea Bana talk about the evolution of Hungary’s film industry over the past decade and whether the country has maintained its position as the primary European filming destination.

Contributed by Forgo Damjanovic & Partners