The Legal 500

Legal Developments in Hungary

• Hungary: energy regulator restructured and further cuts in utilities prices expected

  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.
  - Schönherr

• Real Estate 2013. Chapter 19: Hungary

  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 )
  - Schönherr

• Hungary: Amnesty for offshore wealth is over - is there any efficient way to tax it?

  Hungary seeks to impose a 35% withholding tax on offshore assets.
  - Schönherr

• Lessons from the Most Recent Cross-Border Mergers with Hungarian Participation

  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.
  - Schönherr

• Hungary: Hungary to impose new tax on payment services

  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.
  - Schönherr

• HUNGARIAN CASE LAW DEVELOPMENTS IN CARTEL MATTERS

  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”).
  - Kinstellar

• HUNGARIAN REAL ESTATE INVESTMENT TRUST REGIME

  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.
  - Kinstellar

• Implementation of the European Semester

  After the publication of the Annual Growth Survey (AGS) by the European Commission, the Hungarian Presidency undertook to implement the first ever "European Semester" a six-month period of each year in which Member States' budgetary and structural policies are reviewed to identify any inconsistencies and emerging imbalances, so as to facilitate coordination before major budgetary decisions are finalised.
  - Andreas Neocleous & Co

• LEGAL & TAX | NEWS September 2010

  BANKING & FINANCE  .  REAL ESTATE & CONSTRUCTION  .  PROCUREMENT & REGULATORY  .  EMPLOYMENT & PENSIONS
  - bpv Jádi Németh Ügyvédi Iroda

• AMENDMENT OF THE FISCAL CODE AND OTHER FISCAL-FINANCIAL MEASURES

  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.
  - bpv Jádi Németh Ügyvédi Iroda