On 18 November 2013, the Hungarian Parliament accepted the tax law changes for 2014 to be effective as of 1 January 2014.
Several significant changes are summarized below.
Easing in the rules of reported participation by decreasing the minimum percentage of shareholding from 30% to 10% for capital gain exemption
Under the amended law, capital gains will be tax-exempt upon acquisitions equaling at least 10%, while the deadline for reporting such participation is extended to 75 days from 60 days.
Increasing the threshold of preparing consolidated accounts
From 2014 on, parent companies are not obliged to prepare consolidated accounts, if at the Balance Sheet date of the previous two business years, two of the three indicators below do not exceed these limits:
Bookkeeping in US dollars
Now it will be permitted bookkeeping and preparing financial statements in US dollars in addition to the currently effective opportunity to use EUR as the currency of bookkeeping.
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