NEWSROOM

News from this year's Permanent Consultation Forum of the Private Sector and the Government

Negotiations on next year's wages started at the beginning of October 2023, with stakeholders - employers and trade unions representing workers - and the government as an observer taking part in the wage negotiations, which can last several weeks. At this so-called Permanent Consultation Forum of the Private Sector and the Government (hereinafter: "VKF"), both employers and employees agreed to give the employees a one-off wage compensation of HUF 100,000 at the end of this year due to the fall in real wages.

New bill on the entry and residence of third-country nationals in Hungary

On 14 November 2023, the Hungarian Government presented a new bill on the entry and residence of third-country nationals in Hungary. According to the Government's explanatory memorandum, the new regulation would tighten and clarify the legal titles and conditions of residence and employment of foreign nationals in Hungary. The new regulation would introduce various new residence permits and visa categories. A public consultation on the bill is currently ongoing. According to the proposal, the new rules would enter into force on 1 September 2024.

New Attorney at Law in our team

We are pleased to announce that dr. Dorottya Bitó has joined KCG Partners Law Firm as an Attorney at Law. Dorottya’s areas of expertise extend to banking and finance and capital markets transactions, commercial and corporate law.

Hungary takes next step towards introduction of global minimum tax

The Hungarian Ministry of Finance published its draft legislation for the implementation of the global minimum tax rules in Hungary for public consultation in October 2023. The package also contained some limited reasoning and impact assessment and stakeholders had one week to comment on the proposal.

MEPs adopt new trade tool to defend EU from economic blackmail

On 3 October 2023 the European Parliament approved a new trade instrument to enable the EU to respond, in line with international law and as a last resort, should the EU or member states face economic blackmail from a foreign country seeking to influence a specific policy or stance. The final text of the legislation was reached by the Parliament and Council in June 2023.

The EU aims to reduce microplastic pollution from pellets

Microplastics are persistent, very mobile, and hard to remove from nature. They are found all over the world, even in the most remote locations, and in the human body. The risks related to high levels of human exposure are a cause of grave concern. Plastic pellets, also referred to as nurdles, nibs and resin pellets are the raw materials for all plastics.

The European Commission launches its Wind Power Action Plan to support the sector

The European Commission has presented a new European Wind Power Action Plan with concrete measures to support the European wind industry. Achieving the EU target of at least 42.5% renewable energy by 2030, with an ambition to reach 45% renewables, will require a massive increase in wind installed capacity with an expected growth from 204 GW to more than 500 GW in 2030.

New concept for EU electricity market

On 14 March 2023, the European Commission proposed a reform of the EU electricity market, with the aim of reducing price volatility for consumers and creating favourable conditions for investors in low-carbon energy. The reform includes two legislative proposals – one on electricity market design (EMD) and the other on protection against wholesale energy market manipulation (REMIT). The reform aims to improve market monitoring and transparency, and protection against manipulation. The European Parliament voted on both files during its September 2023 plenary session. The Council reached a general approach on REMIT in June 2023 and on EMD in October 2023.

A guide to find out if you need a well permit

The National Water Resources Protection Map, required for the licensing of domestic and agricultural wells under the amendment to the Water Management Act, has been completed and is available on the website of National Water Directorate (in Hungarian: “Országos Vízügyi Főigazgatóság”). This Protection Map will play a central role in the future licensing of domestic groundwater wells.

The entry into force of the new Land Registry Act is postponed again to 1 October 2024

On 1 October 2023, the amendments of the new Land Registry Act entered into force and as a result, the Act will enter into force only on 1 October 2024, instead of the date of 1 February 2024 already postponed from the initial date of 1 February 2023.