ARCHIVES

Should Revolut and Paypal start to worry? Wero payment system launched

The Wero payment system, developed under the European Payments Initiative, started operating in July 2024 in the EU. The European Payment Initiative is a joint project between 14 EU banks and two payment companies, launched in 2020. It aims to develop payment solutions that can compete with financial giants in the US, including Visa and Mastercard, Apple Pay and Google Pay. The project is backed by key EU players, including the European Central Bank and the European Commission.

2024-07-31

New legislation to fight against money laundering and terrorist financing

To support the prevention of money laundering and terrorist financing, on 26 June 2024, the Hungarian National Bank issued two new regulations, incorporating changes in domestic legislation, guidelines of the European Banking Authority and lessons learned from supervisory experience.

2024-07-29

Parliament adopts law to restore 20% of EU’s land and sea by 2030

A shocking figure: based on the European Environmental Agency (EEA) Report No 10/2020, over 80% of European habitats are in poor shape. To contribute to the long-term recovery of damaged nature across the EU’s land and sea areas, a new EU law sets a target to restore at least 20% of the EU’s land and sea areas by 2030 and all ecosystems in need of restoration by 2050.

2024-07-24

The social tax on interest income remains with us

Since 1 July 2023, interest income has been subject to a 13% social contribution tax (‘szocho’) in addition to the 15% personal income tax (‘szja’). Originally this was only for the duration of the emergency caused by the armed conflict in Ukraine. However, a new act published in the Hungarian Official Gazette on 18 June 2024, changed the situation.

2024-07-23

A two-stage procedure could help in environmental authority cases in Hungary from 1 July 2024

To further safeguard Hungary’s natural values and resources, promote a greener economy, and enhance the circular economy, the Hungarian Government introduced the possibility of two-level proceedings in environmental authority cases starting from 1 July 2024. This measure aims to strengthen the protection of public health and the environment.

2024-07-19

Dr. Réka Fülöp - Attorney at Law

We congratulate our colleague Réka Fülöp, who took her oath as a lawyer today, which crowned her efforts and hard work over the past years.

2024-07-17

New gatekeeper on the horizon: stricter competition rules will apply on Booking.com

The European Union’s competition legislation has undergone a major transformation in recent years, particularly in digital markets and large online platforms. The new regulatory framework has been introduced by the European Commission to deal with the increasing concentration and distortions of competition in digital markets. Large online platforms such as Google, Amazon, Facebook and Booking.com have become key players with a significant impact on the functioning of the market and the opportunities for smaller competitors.

2024-07-17

Is Hungary at the forefront of artificial intelligence in Europe?

Recently, the Artificial Intelligence Coalition (MIK) informed the relevant committee of the Hungarian Parliament about possible trends in the sector. The MIK’s goal is clear: to put Hungary at the forefront of AI developments and applications in Europe and to become a member of the international AI community. In this process, it will bring together users, market players, academia, professional organisations and public institutions.

2024-07-15

The new obligation of common representatives

Approximately 1.5 million condominiums are affected by an amendment of the Condominium Act regarding the registration of common representatives. According to the latest change, effective as of 1 October 2024, the condominium assembly must immediately and mandatorily dismiss the representative and revoke their property management mandate if the representative does not initiate their registration with the land registry authority within the prescribed deadline following their election.

2024-07-12

Member States urge EU Commission to publish the Heat Pump Action Plan

In December 2023 the European Commission, the Council and the Parliament reached an agreement to gradually ban the installation of new fossil fuel heating systems. Starting in 2025, state subsidies for such systems will be prohibited. From 2030, new houses will no longer be allowed to install gas boilers, and by 2050, even older buildings must be made emission-free. To support this transition, the spread of renewable, clean energy systems will be promoted with financial incentives under the Fit for 55 program at both the EU and Member State levels. In addition to the ban on gas boilers, this program includes measures to encourage the adoption of heat pump systems, requiring member states to announce new energy efficiency grants for home renovations.

2024-07-10

Strict amendment to the law: compulsory liability insurance for certain electric scooters, segways and small tractors

According to a statement made by the Association of Hungarian Insurers, from 16 July 2024, the range of vehicles for which compulsory motor vehicle liability insurance must be taken out will be extended. Based on the new provisions of the act on compulsory motor vehicle liability insurance, adopted on 30 April 2024 and published on 9 May 2024, certain micromobility devices, including certain electric scooters, will be covered by compulsory motor vehicle liability insurance. The net weight of the vehicle and its maximum design speed determine whether or not liability insurance is required for the vehicle.

2024-07-08

Thanks to the Hungarian Competition Authority’s decision Viber has become more secure and more transparent

In February 2020 the Hungarian Competition Authority initiated a competition supervisory procedure against Viber Media (operator of the Viber app, seated in Luxembourg) which was likely to infringe the prohibition of unfair commercial practice against consumers. During the procedure, Viber made commitments aiming at the avoidance of penalties. The procedure ended on 16 May 2024 with a decision where the authority, without finding an infringement or lack of infringement, obliged Viber to fulfil its commitments.

2024-07-05

New function on NAV’s Mobile application: checking data on employment

With a new function on the National Tax and Customs Administration’s (NAV) mobile application (“NAV Mobile”), anyone can check whether their employer has notified the tax authority about their employment in accordance with the employment contract.

2024-07-03

Postponed entry into force of the new Land Registry Act and other amendments to different laws

A bill amending certain laws affecting the functioning of the state was adopted by the Parliament in the middle of June 2024. The bill postpones again the entry into force of the new Land Registry Act to 15 January 2025. In addition, the bill amends provisions in several different areas of law (e.g. health, education, immigration). For instance, the bill would allow the extension of mandatory health examinations. Currently, only up to the age of 18 are the screening tests mandatory, however, a decree of the Minister responsible for health may provide for mandatory screening tests without age limit.

2024-07-01