Hungary: new tax laws

Alessandro PasutHUNGARY

The Hungarian Parliament adopted some modifications to certain tax laws.

Sport sponsorhip. The popular team sport sponsoring system is modified in the sense that the sponsor of a team sport will be subjected to supplementary sport development subsidy in order to take advantage of the tax credit. The value of such assistance has to be at least 75% of the tax advantage in line with the agreement as stipulated on the support package certificate. However, according to the new regulations the amount of the supplementary development assistance rendered under sponsorship or support agreements are not acceptable for corporate taxation purposes.

The taxpayer has 8 days to notify the Tax Authority about the financial settlement covering support packages. In the case of a failure of such notification there is no possibility for the submission of a verification request.

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