Hungary announced the autumn tax package proposal on 29 October 2024, which includes the reporting obligations for taxpayers under the Global Minimum Tax Act. The latest proposal has no amendments compared to the previous version released for public consultation.
This follows after Hungary’s government concluded a public consultation on a draft bill proposing tax law changes on 24 October 2024. The amendments respond to changes in EU and Hungarian legislation, including the global minimum tax and domestic top-up tax. The new regulations will take effect on 1 January 2025.
Under the autumn proposal, domestic constituent entities or their designated representatives whose fiscal year concludes on 31 December 2024 must fulfill their reporting requirements by 31 December 2024. The proposal also mandates MNEs and large domestic groups to report constituent entities’ identification data, including VAT numbers, residency status, information on the group’s company structure, and controlling shares.
Hungary’s National Tax and Customs Administration has yet to issue a declaration form regarding the matter.
