
From 1 January 2023, the Hungarian Labour Code will be amended on several points. Part of these include legal harmonisation amendments, but the changes affecting the obligations and internal functioning of all employers in relation to the employment relationship are of much greater importance to employers, which are definitely worth reviewing and preparing for at the organizational level among year end preparations and new year planning.

Current obligations related to the ultimate beneficial ownership register
Although the Afad Act, amending the provisions of the Money Laundering Prevention Act ("Pmt."), is applicable as of 1 February 2022, our experience so far has shown that few companies are aware of the practical importance of the ultimate beneficial ownership ("TT") register and the reporting obligation related hereto, as well as of the fact that failure to report may affect the so-called trustworthiness index ("TT-index") of the company, which may have further negative consequences as well.

It marks 1 year since our business model change at CLV Partners and setting up our new law firm. Not much has changed rather than continuing to strengthen the main pillars of our work like advocacy, loyalty, proficiency and hard work.
Beside being thankful and proud of our team and our achievements we would hereby also like to express our gratitude to all our clients for growing with us together, keeping us busy and still inspired every day.

From 1st July 2022, several new taxes have been introduced, the details of which have been determined in Government Decree 197/2022. (VI.4.) on Extra-profit Taxes (the “Decree”). In our present newsletter, we summarized briefly the changes affecting the most important tax types.
Considering the scope of the changes, the related rules are presented in two parts – the first part was published on 4th July 2022.