Hungary: a draft law to change the corporate taxes

The Hungarian Parliament approved a series of changes to the corporate income tax law concerning, among others, the following aspects.

Loss carry-forward. The draft law approved by the Hungarian Parliament proposes to ease the 50% rule regarding the restriction of the use of the loss carried forward for companies whose debts have been forgiven by a settlement approved by a court decision after an insolvency or bankruptcy proceeding.

According to the respective rules introduced in 2012, the legal successor is allowed to recognize the legal predecessor’s carried forward losses only if at least one of the activities pursued previously generates revenues for the legal successor in two tax years following the transformation. The draft law stipulates that the above mentioned two-year condition must not be satisfied by taxpayers dissolving without a legal successor within two years after transformation.

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