NEWSROOM

ESMA argues for stricter investor protection

The European Securities and Markets Authority (“ESMA”) was requested by the European Commission to investigate the state of investment protection and, based on its findings, to provide recommendations. ESMA submitted a Final Report on 29 April 2022, that contains several recommendations for the Commission to consider.

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Visa travel to the EU becomes easier

At the end of April 2022, the Commission proposed the digitalization of the Schengen visa process, replacing the visa sticker, and introducing the ability to submit visa applications online through a visa platform.

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New measures for legal migration in EU

The European Commission proposed a new package of measures to support to legal migration on 27 April 2022.

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Tax audit plan for 2022: usual suspects and risk analysis in focus

The Hungarian tax authority published its annual tax audit guidelines with the clear aim of supporting compliant taxpayers and take firm actions against intentional tax evasion by utilizing various data sources available in the process. E-commerce, real estate industry, data-based risk analysis remain key elements. The tax audit plan sets out the following four main focus points:

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Amendments to the construction profession exercising government decree from April

From 1 April 2022, substantial changes were made to the provisions of the government decree on the construction and construction-related profession exercising activities, i.e. designers, construction technical supervisors, responsible technical leaders and construction experts.

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DELTAPLAST Zrt - Green bond

We are pleased to share with you that the trading with the green bonds of DELTAPLAST Zrt. on the Xbond market of the Budapest Stock Exchange has successfully started on 5 May 2022.

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Temporary protection granted for people fleeing the Russian-Ukraine war

The Hungarian Government adopted a decree on 24 February 2022 that allows people fleeing the Russian-Ukraine war to enter Hungary and guarantees ‘temporary protection’ for them. This temporary protection applies to all Ukrainian citizens and refugees who lived in Ukraine and their relatives.

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EU postpones implementation of Global Minimum Tax

The finance ministers of EU Member States failed to reach a unanimous agreement - required in tax matters - on the EU directive aimed at implementing the global minimum tax when they met in Brussels earlier in March 2022. In accordance with the European Commission's proposal for a directive published on 12 March, the introduction of a Global Minimum Tax has been postponed with a year, accordingly.

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The time has come to curb the power of Big Tech: final agreement in Digital Markets Act

The EU institutions have reached a final agreement on the Digital Markets Act on 25 March 2022. The purpose of the Act is to ensure that the digital sector is more equitable and competitive, and to ensure that no large online platform that acts as a ‘gatekeeper’ (e.g., Facebook, Google, Twitter etc.) for a large number of users abuses its position to the detriment of companies wishing to access such users.

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EU to regulate cryptocurrencies

Cryptocurrencies represent a new form of decentralized financial and technical system that were created to resolve numerous issues that are present in the traditional banking system. They are becoming more and more widespread among the globe, as they provide a new, fast and independent system from existing financial systems.

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