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An overview by LeitnerLeitner, Taxand Hungary
Since 2017, companies in Hungary must notify tax authorities of related parties—sister and subsidiary companies—when conducting their first transaction. As of August 2024, the fines for failing to comply have doubled, reaching up to HUF 1 million. This notification must be made within 15 days of the first contract and also when the business relationship ends.
Experts from our Hungarian member firm LeitnerLeitner have analysed this change, stressing that businesses should ensure timely reporting to avoid penalties, possibly involving consultants for assistance. Regularly incorporating this requirement into business operations is recommended to avoid costly oversights.
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