Issues have been generating recently on filling Hungary’s CbC reporting notification on the 17T201T form. A Hungarian resident entity is not required to file the CbC notification requirement until or unless the multi-national group has a consolidated group revenue of $750 million or more in the fiscal year coming before in time for the reporting of the fiscal year.

The CbC reporting requirement for a Hungarian tax resident company can arise in the following situations as the ultimate or surrogate parent entity:

• If a MNE group member does not have an obligation to submit a CbC report under one of the above-listed requirements, it must only satisfy the CbC reporting notification requirement.
• Under general rules, a Hungarian tax resident company is subject to the CbC reporting notification requirement for two reporting fiscal years, together. The first CbC reporting notification is to be filed for the fiscal year beginning on or after 1 January 2016, and for the fiscal year beginning on or after 1 January 2017.
• If the form cannot be completed and otherwise processed, taxpayers are directed to submit two different notifications to the tax authority. One for the fiscal year beginning on or after 1 January 2016 and another one for the fiscal year beginning on or after 1 January 2017.

The required deadline for the submission of CbC report notification form for an annual taxpayer is on 31st December 2017 for both the fiscal years of 2016 and 2017 respectively and if any change has been undergone, must be reported to the authority within 30 days.