NEWSROOM

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New regulation on media freedom: The European Media Freedom Act

On 13 March 2024 the European Parliament adopted a new regulation called the European Media Freedom Act (“EMFA”). The purpose of the new regulation is to protect EU journalists and the press from political or economic interference. Under the new regulation Member States will be obliged to protect media independence and all forms of interventions will be banned.

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Restrictions on taxpayer examinations in 2024

The National Tax and Customs Authority (NAV) published its 2024 audit plan on 26 March 2024, which shows that it plans to carry out more rigorous audits this year than in recent years. In the past years, the NAV has followed a supportive approach, allowing taxpayers to correct minor errors and shortcomings without sanctions, thus promoting voluntary compliance. However, the tax authority has recognized that there is a group of taxpayers who regularly comply with their obligations only on request. In the future, the support procedures will help taxpayers who do not intentionally make mistakes and who are compliant in general.

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Company registration will be possible in 1 day also for foreigners soon

To enhance the competitiveness of the Hungarian economy, the Government plans to accelerate the process of setting up companies in Hungary for foreigners. Currently, individuals who do not understand Hungarian language, should wait days or even weeks to receive the decision from the Hungarian Company Registry Court certifying the registration of their new company.

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The European Council approved the CSDDD

The European Council has approved the CSDDD with significant amendments on 15 March 2024. The aim of the proposal is to foster sustainable and responsible corporate behavior throughout global value chains.

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2024 – the year of European minimum wage in Hungary?

According to the Hungarian Government's spring 2024 legislative program, the Hungarian Parliament may decide on the introduction of a “European minimum wage” as early as this spring session. The EU minimum wage directive highlights the importance of European social dialogue frameworks in reaching agreements on minimum wages among Member States.

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The location of the new EU authority is revealed

On 22 February 2024, the Council and the European Parliament representatives reached an agreement on the seat of the future European authority for anti-money laundering and countering terrorist financing. Among nine member states, Frankfurt has been selected as the organization's headquarters by the co-legislators.

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The tightened rules of the occupational health and safety fines

In order to promote the health of employees and prevent workplace accidents, the Hungarian Government had significantly increased the fines for the breach of occupational health and safety rules as of 1 March 2024. The rule on its amount was removed from the applicable act and its details were laid down in a government decree.

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Entry and residence of third country nationals - transitional provisions

As of 1 March 2024, it possible to submit applications for residence permit at the Immigration Authority in accordance with the new regulation, i.e. the Act XC of 2023 on the General Rules for the Entry and Residence of Third-Country Nationals.

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Repealing government decree on the different application of accounting

On 26 February 2024, the 34/2024 (II.26) decree on the different application of Act C of 2000 on Accounting during an emergency was published in the Hungarian Gazette, which repeals a decree issued a few days before, on 8 February.

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Council adopts regulation on instant payments

On 26 February 2024, the Council of the European Union has adopted a regulation that will make instant payments fully available in euro to consumers and businesses in the EU and in EEA countries. The instant payments regulation will allow people to transfer money within ten seconds at any time of the day, including outside business hours, not only within the same country but also to another EU Member State.

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