On 8 May 2019, the Hungarian National Tax and Customs Administration issued a notice to remind taxpayers that they must prepare their transfer pricing documentation by 31 May 2019 if they are required to keep transfer pricing records and closed their business year on 31 December 2018. In addition to the upcoming deadline, it should also be taken into account that all associated enterprises will be required to apply the new, multi-level documentation format that shall comprise, as a minimum, the “Master File” and the “Local File”.