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Legal market overview
A weak forint and sectoral taxation of foreign investment continued to foster uncertain conditions, with law firms reporting another quiet year. The lack of foreign investment remains the primary reason for the dearth of new-money financings, leading to a focus on restructuring and refinancing. State-funded real estate acquisition activity has led to a small revitalisation of that market.
The Hungarian Competition Authority’s cartel investigations into foreign exchange mortgage loans and abuse of dominant position benefited firms with strong competition law practices.
Legal Business: country analysis
Breaking new ground – advisers hope shale revolution can restart CEE market
Weighed down by political unrest and slowing economies, energy and infra projects look like one area to be driving
the CEE economy. Can the shale revolution power up
Click here to read the feature.
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Hungary's new law on information security will plug a hole in existing legislation, but may prove to be excessive in addressing security issues.
In 2013, Hungary has introduced a 10% household utilities price cut in the field of electricity, gas and district heating. To ensure thorough enforcement of the price cuts, the country's energy regulator was restructured and several barriers were set to prevent energy companies from passing on these burdens to consumers.
This guide provides the international practitioner and in-house counsel with a comprehensive worldwide legal analysis of the laws and regulations of real estate. This article appeared in the 2013 edition of The International Comparative Legal Guide to: Real Estate; published by Global Legal Group Ltd, London. www.iclg.co.uk )
Hungary seeks to impose a 35% withholding tax on offshore assets.
The complicated Hungarian legislation on domestic company mergers can cause headaches, including in cross-border mergers. These headaches result mostly from the fundamental differences between Hungarian law and the national laws of other EU member states, which remain applicable alongside the harmonised rules for cross-border mergers.
On 9 July, the Hungarian Government adopted Act CXVI of 2012 on Financial Transactions Tax, which levies tax on payment services. The Hungarian government claims that this new tax - which is also being referred to as a "financial transaction levy" - is aimed at supplementing the extraordinary tax levied on Hungarian credit institutions. The tax comes into effect and will be payable as of 1 January 2013.
A recent second instance judgment by the Metropolitan Court of Appeal (“Court of Appeal”) provides some interesting insight into the court’s approach in cartel matters. The case before the Court of Appeal concerned the second instance review of a first instance judgment that annulled certain parts of the decision of the Hungarian Competition Office (the “HCO”).
Hungary is the first country in the CEE region to introduce the real estate investment trust (REIT) regime on the back of US and Western European examples. The new REIT regime took effect on 27 July 2011.
BANKING & FINANCE . REAL ESTATE & CONSTRUCTION . PROCUREMENT & REGULATORY . EMPLOYMENT & PENSIONS
Government Emergency Ordinance no. 58 (the “Ordinance”) for the amendment and completion of Law no. 571/2003 regarding the Fiscal Code (the “Fiscal Code”) and other fiscal-financial measures was published in the Official Gazette of Romania, Part I no. 431 of June 28, 2010. The Ordinance shall enter into force on July 1, 2010.
Danos & Associates will participate as a sponsor at the China Offshore Summit in Shenzhen, China. The conference will take place May 27-28th at the Grand Hyatt. Our firm will be represented by our Managing Partner, Alexios Danos, and Thomas Cheung who is one of our representatives in Beijing.
At the IFLR European Awards on 16 April 2015 in London, Bär & Karrer repeated last year's success by again winning the title "Swiss Law Firm of the Year".
B&P authored an article for the Italian-Serbian Chamber of Commerce newsletter about subsidizing new investors in Serbia.
7 May 2015
In the middle of April, 2015, a consortium with the leading participation of Popov & Partners Law Office signed an agreement with the Supreme Judicial Council of Bulgaria for assignation of:
In its current Special Edition FOCUS Magazine has published a list of the leading tax law firms in Germany. GSK Stockmann + Kollegen was again honored as a “Leading Tax Law Firm 2015" in the areas of “Reorganisation, Corporate Restructuring and M&A” and received the FOCUS-Award “Leading Tax Law Firm 2015”.
GSK Stockmann + Kollegen freut sich, Herrn Dr. Philipp M. Kuhn mit Wirkung zum Jahresbeginn 2015 in den Kreis der Equity Partner aufzunehmen.
GSK ernennt Local Partner aus den eigenen Reihen in den Bereichen Gesellschaftsrecht und Real EstateGSK Stockmann + Kollegen ernennt auch 2015 Local Partner aus den eigenen Reihen: Andreas Dimmling, im Bereich Gesellschaftsrecht in München, und Oliver Koos, im Bereich Real Estate in Frankfurt, wurden zum 1. Januar 2015 in den Kreis der Local Partner aufgenommen.
Pepeliaev Group’s tax practice (Band 1) has once again been hailed as the best on the Russian market according to the Chambers Europe 2015 international legal ratings. Clients surveyed by the experts of Chambers Europe consider that “the lawyers dig deep to find issues that play a role in the mandate," while the team stands out because it “is flexible and understands clients' needs."
Kyiv, Moscow, Almaty, 18 May 2015 - CLACIS , a competition law advisory which focuses on matters concerning competition law and compliance in Ukraine, Russia and Kazakhstan announces its opening.