NEWSROOM

Proposal to end the misuse of shell entities for tax purposes

On 22 December 2021 the European Commission presented a key initiative to fight against the misuse of shell entities for improper tax purposes. Based on the proposal, it should be ensured that entities in the European Union that have no or minimal economic activity are unable to benefit from any tax advantages and do not place any financial burden on taxpayers. This will also protect the level playing field for the vast majority of European businesses, who are key to the EU's recovery, and will ensure that ordinary taxpayers do not suffer additional financial burden due to those that try to avoid paying their fair share.

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Expert consultations on Taxonomy Complementary Delegated Act

On 31 December 2021 the European Commission began consultations on a draft text of the Taxonomy Complementary Delegated Act covering certain gas and nuclear activities with the Member States Expert Group on Sustainable Finance and the Platform on Sustainable Finance.

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2021 Summary Report on the Implementation of the ESI Funds

At the end of December 2021, the European Commission published the 2021 Summary Report on the Implementation of the European Structural and Investment Funds (ESI Funds), which presents the evolution in the financial implementation of the ESI Funds of the 2014-2020 period up to the end of 2020.

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Amendment of several laws with respect to the new Land Registry Act

At the beginning of November 2021, a bill was submitted to the Hungarian Parliament on the temporary provisions relating to the new Land Registry Act and on the amendment of certain acts of cultural subject and relating to the land registry, spatial planning (in Hungarian: “területrendezés”) and urban planning (in Hungarian: “településrendezés”).

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New rules on teleworking

In order to respond quickly to the challenges caused by the pandemic in the workplaces, the Hungarian Government introduced temporary regulation on teleworking in 2020.

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ECJ backs deduction of VAT on ‘overpriced’ services in Hungarian case

The European Court of Justice (ECJ) confirmed once again that VAT deduction is fundamental part of the VAT mechanism and thus can only be narrowly restricted or limited.

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Tax reductions from 1 January 2022

Mihály Varga, Minister of Finance of Hungary has introduced many changes in tax legislation as of 1 January 2022 with an estimated HUF 750 billion to be left at the private sector.

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German pension system under reform: pension funds to be invested in the capital markets

Germany’s future government plans to let the country’s pension system invest in the capital markets for the first time, what would be a small revolution in how Europe’s largest economy manages money for its growing ranks of retirees.

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The new European crowdfunding regulation enter into application

On 10 November 2021, the Regulation on European Crowdfunding Service Providers (CSPs) for business entered into application and it is directly applying in the Member States.

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The EU’s fight against the gender pay gap continues

Earlier in 2021, the European Commission had proposed a directive on pay transparency to give workers concrete tools to assert their rights and encourage companies to review their pay structures. At the beginning of November 2021, the official factsheets containing exact measurement data were released.

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