legislation
February 18, 2010, 10:21 CET
Decree makes foreign companies eligible for ROLA subsidies in Hungary
Hungary's transport minister has opened a tender supporting rolling road (ROLA) trains that carry lorry trailers to foreign companies, according to a decree in the latest issue of the official gazette Magyar Kozlony. Companies are eligible for up to EUR... [read complete entry]
February 16, 2010, 09:22 CET
Hungarian MPs favor ban on sale of farmland to foreigners
Parliament yesterday approved a resolution calling on the government to get the EU to extend a ban on the purchase of land by foreigners for another three years. The current moratorium will end in 2011. All MPs with the exception... [read complete entry]
February 10, 2010, 10:42 CET
FM says Russian proposals regarding Malév contradict Hungarian and EU law
Russian-government proposals regarding resolution of the capital situation of Hungarian national airline Malev infringe both European Union and Hungarian law, Hungary's Finance Ministry told MTI on Wednesday. Representatives from Russia's AirBridge, which owns 99.95pc of Malev, informed shareholders that Hungary's... [read complete entry]
January 29, 2010, 10:10 CET
Visa to go to Constitution Court over regulation of bank card payment
Visa Europe plans to turn to Hungary's Constitution Court over the regulation of the prices that can be charged for bank card payments, Visa Europe regional head Mark Antipof told the business daily Napi Gazdasag, the paper said on Thursday.... [read complete entry]
January 28, 2010, 10:13 CET
Bajnai calls time on property tax change
Time has run out to make any changes to the property tax law which was thrown out by the Constitutional Court, Prime Minister Gordon Bajnai said on Wednesday. In the next few weeks the government will review the budget reserves... [read complete entry]
January 27, 2010, 09:40 CET
Property tax bill ruled unconstitutional
The Constitutional Court on Tuesday struck down provisions of the wealth tax bill pertaining to a planned property tax. The Court found unanimously that the requirement for homeowners to establish the value of their property for tax purposes creates legal... [read complete entry]
December 16, 2009, 09:47 CET
Mastercard mulls legal action against amendment limiting commissions
Financial services company Mastercard is considering legal action aimed at overturning an amendment to Hungary's financial law specifying a maximum amount on the commissions of financial companies, Mastercard announced on Tuesday. Hungary's parliament adopted the amendment on Monday evening by... [read complete entry]
December 09, 2009, 10:27 CET
Court rules Statistics Office must make deficit figures available to public
The Budapest Court of Appeals on Wednesday ruled that the Central Statistics Office (KSH) must ensure public access to the excessive deficit procedure (EDP) reports it sends to Eurostat, not just the final form of the reports published after Eurostat's... [read complete entry]
December 09, 2009, 09:33 CET
Parliament limits high-interest rate loans to individuals
Socialist MPs yesterday backed a motion that would limit high-interest rate loans to individuals, rather than supporting a cabinet proposal that would have set a maximum on total lending fees (THM). Parliament will vote on the amendments to legislation concerning... [read complete entry]
December 07, 2009, 10:05 CET
Bankruptcy association chief says Hungarian liquidation system still a "farce"
Despite some improvements resulting from recent changes to Hungary's insolvency laws, the system remains deeply flawed, the head of the Hungarian Association of Insolvency Practitioners & Asset Controllers told a recent conference, Napi Gazdaság reports. According to Ferenc Somogyi, Hungary... [read complete entry]
December 02, 2009, 12:16 CET
Banks to voluntarily conform to "code of conduct" before law comes into force
Banks that signed a code of conduct have agreed to voluntarily conform to rules in the code even though Parliament has yet to approve amendments to the Credit Institutions Act necessary for the code to come into effect, a advisor... [read complete entry]
November 24, 2009, 09:15 CET
Fears that new rules on hiring temporary workers will backfire
A new electronic-based system for tracking temporary workers is likely to discourage legal employment rather than regularize it, writes Népszabadság. Starting in January, employers in Hungary will be obliged to electronically submit all data on temporary workers - including the... [read complete entry]
November 10, 2009, 08:59 CET
Parliament passes law easing rules on sole proprietorship
Parliament passed an act on Monday according to which it will be possible to start a business as a self-employed individual electronically and to register such businesses with the option of whether the resulting individual company should have limited or... [read complete entry]
November 09, 2009, 08:31 CET
Employers, unions remain deadlocked over proposed rise in minimum wage
Employers offered to raise the monthly minimum wage from HUF 71,500 to HUF 73,000 next year at a Friday meeting of the National Interest Coordination Council (OET), a forum for employers, unions and the government, but unions said they wanted... [read complete entry]
October 28, 2009, 10:46 CET
Finance Ministry seeks to clarify split with Fiscal Council over deficit threat
Hungary's Finance Ministry attributes the discrepancy between its own general government deficit projections for 2011 and 2012 and projections by the Fiscal Council to different macroeconomic prognoses, the ministry said late Monday. While the Fiscal Council's outlook for 2010 is... [read complete entry]
October 26, 2009, 10:11 CET
PM says new anti-corruption package to come into force on January 1
The cabinet will submit to Parliament a series of anti-corruption measures that would enter into force on January 1, 2010, Prime Minister Gordon Bajnai announced on Sunday. Bajnai said “it has to be clear to all that anyone who steals... [read complete entry]
October 20, 2009, 08:29 CET
Leading parliamentary parties not to push changes to strike law
Despite a repeated request by the ombudsman, the two biggest parliamentary groups - of the ruling Socialists and the main opposition Fidesz party - said on Monday that they would not initiate amendments to the strike law. Socialist MP Zsolt... [read complete entry]
July 16, 2009, 11:01 CET
President returns act on unfair trade practices to Parliament
President Laszlo Solyom has returned an act that defines and establishes sanctions for unfair trade practises to Parliament for reconsideration. Mr Solyom asked in a letter to House Speaker Katalin Szili whether it was necessary to have a separate law... [read complete entry]
June 26, 2009, 10:27 CET
PM says Parliament may pass 2010 budget in November
Hungary's parliament could pass the 2010 budget as early as November, a few weeks earlier than usual, Prime Minister Gordon Bajnai said on Hungarian public television on Thursday. Bajnai said it was a top priority to have the budget ready... [read complete entry]
June 23, 2009, 11:29 CET
Parliament approves amendments to 2010 tax laws, including new property tax
Parliament on Monday approved amendments to Hungary's tax laws, the daily newspaper Nepszabadsag reported on Tuesday. The amendments adopted on Monday stipulate a 0.25pc tax bracket on property up to a value of HUF 30m, 0.35pc from a value of... [read complete entry]
June 18, 2009, 10:04 CET
Government approves 25% tax on "extra-wage" compensation
The government decided at a cabinet meeting on Wednesday to tax extra-wage compensation, such as meal and vacation vouchers, at a rate of 25pc, while eliminating the HUF 400,000 annual limit on the compensation, government spokesman Domokos Szollar said. The... [read complete entry]
June 12, 2009, 09:17 CET
President returns family benefits bill to MPs; claims hardship for working moms
President László Sólyom sent two bills back to Parliament for reconsideration yesterday. The head of state did not sign the Act that reduces the length of family support from three to two years, and informed Speaker Katalin Szili by letter... [read complete entry]
June 10, 2009, 10:24 CET
Parliament approves bill to favor bankruptcy workouts over liquidations
Parliament on Monday approved amendments that aim to make bankruptcy protection, instead of liquidation, more attractive to companies close to failure. The amendments give the court the power to introduce a moratorium on claims by creditors within one working day... [read complete entry]
June 05, 2009, 12:55 CET
Reports suggest personal tax reform unlikely to benefit most filers
The government's planned changes to the personal income tax system will be less favourable to taxpayers than initially suggested, business dailies Napi Gazdasag and Vilaggazdasag said on Friday. According to the initial announcement, the maximum annual salary affected by the... [read complete entry]
June 05, 2009, 12:53 CET
Liberals say they won't support proposed wealth tax without major changes
The liberal opposition Free Democrats will not support the new property tax planned for 2010 in its current form, the party's executive Gabor Horn said on Thursday. The liberals are committed to comprehensive tax reform and will support plans to... [read complete entry]
June 04, 2009, 10:23 CET
PM says ready to negotiate details of luxury tax
Prime Minister Gordon Bajnai on Wednesday said he was prepared to negotiate further with the Free Democrats (SZDSZ) on the planned introduction of a luxury tax, a day after SZDSZ chairman Gabor Fodor said the party had serious worries about... [read complete entry]
June 02, 2009, 08:34 CET
President returns law on electronic documents to Parliament
Hungarian President Laszlo Solyom on Friday sent back to parliament for reconsideration a bill on the electronic delivery of official documents, the president's office told MTI. The president judged the legislation, passed by parliament on May 11, to be faulty... [read complete entry]
May 12, 2009, 12:14 CET
MPs in bid to tax basement poker
Now that the government has passed its latest tax amendments - which, among other things, raises the basic VAT rate to an eye-watering 25% - you may be wondering where else they will be looking for revenue. Here's one place:... [read complete entry]
May 04, 2009, 10:05 CET
Data indicate decline in issuance of Swiss frank-based loans in Hungary
Hungarian consumer loans and mortgages denominated in Swiss franks stopped growing in March, according to central-bank data cited by business daily Vilaggazdasag on Monday.... [read complete entry]
April 16, 2009, 10:27 CET
Much-delayed media law reaches dead end in Parliament
Any hope of enacting new media legislation in Hungary faded away on Wednesday as the main opposition party Fidesz withdrew its support for a bill based on a compromise by the country's five parliamentary parties.... [read complete entry]
April 10, 2009, 10:28 CET
Gov't proposes setting bank deposit guarantee at €50,000
Hungary's government has proposed to set the ceiling for guaranteed deposits at 50,000 euros, government spokesperson Bernadett Budai said on Thursday.... [read complete entry]
March 17, 2009, 09:52 CET
Parliament passes law limiting banks' ability to change loan terms
Parliament yesterday strengthened regulations on how banks may unilaterally change conditions on loans. As a major change, the law will be retroactive to January 1.... [read complete entry]
March 16, 2009, 08:14 CET
Government submits bill to raise retirement age to 65
The government has submitted a pension bill seeking to gradually raise the age of retirement to 65 years between 2016 and 2027, Social and Labour Minister Erika Szucs told reporters on Friday.... [read complete entry]
March 13, 2009, 08:21 CET
Legislation in works for Hungarians to declare personal bankruptcy
A draft has been prepared to enable Hungarians to declare insolvency as private individuals and the law may come in force next year, daily Nepszabadsag reported on Thursday.... [read complete entry]
March 03, 2009, 08:50 CET
Parliament passes "mortgage relief" bill for newly jobless
Hungary's parliament has passed a bill proposed by the minority governing Socialist party on providing state aid for households struggling to pay monthly mortgage instalments, said Nepszabadsag daily on Tuesday.... [read complete entry]
February 18, 2009, 12:45 CET
Lawyer to launch case against banks on behalf of foreign-currency borrowers
A lawyer is to start a test case against banks, so that they co-share the financial burden caused by the weakening of the Hungarian forint currency with those who have credits based on stable currencies, the daily Magyar Nemzet wrote... [read complete entry]
December 30, 2008, 10:35 CET
President sends media law to constitutional court, says bill favors existing players
President Laszlo Solyom on Monday did not sign a newly amended media law but sent it to the Constitutional Court for review, the president's office told MTI.... [read complete entry]
December 29, 2008, 09:47 CET
Hungarians chafe at call center service; local MEP proposes legislation
One third of customers are dissatisfied with the quality of call centres in Hungary, business daily Napi Gazdasag said on Monday, citing a recent customer satisfaction survey.... [read complete entry]
December 16, 2008, 07:52 CET
Bank guarantee law passed into law
Parliament on Monday voted for a government guarantee to boost bank equity and cover debts.... [read complete entry]
December 12, 2008, 10:06 CET
Hungary seeks int'l support for proposal to ease limits on company subsidies
Paris supports a proposal by the Hungarian government to either double the limit on direct subsidies for companies over the next two years or to allow wage support subsidies for small businesses, Hungary's National Development and Economy Minister Gordon Bajnai... [read complete entry]
December 08, 2008, 01:06 CET
Central banker says new law helping Hungary beat "fiscal alcoholism"
Last Thursday the Wall Street Journal published an interesting opinion piece by György Kopits, a member of the Hungarian National Bank's monetary council, and a faculty member at Central European University. In it, Kopits argues that a recent move by... [read complete entry]
December 03, 2008, 10:01 CET
New advertising law may severely curtail direct marketing in Hungary
From March 9, 2009, the new advertising law introduced on September 1 will have serious repercussions for companies in Hungary employing direct marketing, including spam e-mails, reports Világgazdaság. Companies have been given until this date to redesign their databases. The... [read complete entry]
November 21, 2008, 03:46 CET
MP says opposition working to keep Hungary's poors from sponging
Leading opposition party Fidesz is refusing to support proposed modifications to the "social law" governing benefits for individuals and families. According to nepszava.hu, Fidesz-Christian Democrat MP Sándor Czomba - who is a member of Parliament's employment and labor committee -... [read complete entry]
November 17, 2008, 04:00 CET
Parliamentary committee fails to clear bank rescue bill
Parliament's Budget Committee on Monday voted against clearing a bill on a "rescue package" for Hungarian banks for general debate.... [read complete entry]
October 31, 2008, 08:32 CET
Tighter rules for metal traders approved; aim to discourage theft
The government approved five bills strengthening metal-trading regulations yesterday.... [read complete entry]
October 15, 2008, 02:00 CET
Lapses in Hungarian law hinder victims of intellectual property infringements
Even though Hungarian and European Union laws provide for damages in cases of brand name, copyright, and patent violations, Hungarian evidentiary requirements make it almost impossible to collect damages, wrote Wednesday's nationwide business daily Napi Gazdasag.... [read complete entry]
October 10, 2008, 09:46 CET
Activists in drive to shut down Hungary's only safe investment market
Hungary's stock market - like those around the world - is in the grip of a terrifying, near-total meltdown, with the Budapest Stock Exchange's (BSE) benchmark BUX index now down roughly 50% off its 52-week highs. And it's not just... [read complete entry]
September 23, 2008, 12:05 CET
Micro enterprises to receive consumer rights under new civil code
Micro enterprises will be included under the term "consumer" in the new Civil Code to take effect in 2010, writes Napi.hu. The law would change the concept of what a "consumer" is and regulations pertaining to typical consumer contracts, said... [read complete entry]
September 09, 2008, 11:18 CET
New telecom law only forbids spamming of private individuals
The Hungary's National Telecommunications Authority (Nemzeti Hírközlési Hatóság; NHH) currently must investigate spam complaints submitted by private individuals only, not companies, according to new laws effective as of September 1. The rules on advertisements which can be sent only with... [read complete entry]
August 15, 2008, 02:08 CET
Law on "private bankruptcy" set to go forward this fall
The Hungarian justice ministry would introduce an opportunity for private individuals to announce bankruptcy, writes Mfor.hu. The idea to help families which became insolvent through no fault of their own was earlier raised by former Justice Minister Ibolya Dávid and... [read complete entry]
August 08, 2008, 12:09 CET
Plan to extend limited-liability status to Hungary's individual entrepreneurs
The Hungary Ministry of Justice is planning to introduce a major change to the country's economic landscape by creating a new form of registered business that would extend the limited liability now enjoyed by corporations to firms owned by a... [read complete entry]
July 29, 2008, 03:14 CET
Liberals, MDF to push government on tax reform
Hungary's two small parliamentary parties, the liberal Free Democrats and the conservative Democratic Forum, may appear to many as an irrelevance given their paltry poll ratings, but their MPs' votes will be crucial to the minority Socialist government when it... [read complete entry]
July 28, 2008, 12:13 CET
New legislation redraws boundaries for direct marketing
Hungary's new law on advertising, to become effective September 1, will raise the price of direct marketing for advertisers, but will place considerably less of a burden on them than a previously considered version, writes Napi.hu (subscriber only). The new... [read complete entry]
July 17, 2008, 08:18 CET
European Commission approves Hungary's film subsidy scheme
The European Commission on Wednesday said it approved a six-year EUR 231m Hungarian film support scheme which was modified from the original to introduce cultural content eligibility criteria.... [read complete entry]
July 15, 2008, 01:13 CET
Some sticky questions about Hungary's rapidly-spreading "Oil War"
We haven't spent much time delving into the ongoing battle between MOL and OMV of Austria - which has been (unsuccessfully) trying to take over the Hungarian oil giant - because it's not generally of interest to those outside of... [read complete entry]
June 03, 2008, 01:09 CET
Rights group pushing telecoms on data privacy
The Hungarian pressure group Társaság a Szabadságjogokért (TASZ, Company for Freedom Rights) has turned to the country's Constitutional Court in hopes of voiding current law regulating how telephone and Internet companies handle their users' personal data, Magyar Nemzet reports. Ádám... [read complete entry]
May 16, 2008, 11:36 CET
Meet the new lord of all Hungarian business
In a country where 50% of GDP ends up being recycled through the state, and many private businesses base their investment decisions on subsidies or grants handed out by the government, you don't have to be a conspiracy theorist to... [read complete entry]
April 29, 2008, 08:56 CET
Pécs: European capital of wacky economic development ideas
The burdens involved with preparing for the honor of being "European Capital of Culture" in 2010 seem to have gone to the heads of the people charged with developing the local economy in the southern capital of Pécs. One sign... [read complete entry]
April 23, 2008, 11:17 CET
Clothing retailers to be strangled by new "tie" tax
The Ministry of Culture would wish to extend a tax onto clothing, claiming that these items hold cultural value due to their design. [read complete entry]
March 28, 2008, 01:10 CET
Constitutional Court rejects motion against reform program financial laws
The Constitutional Court rejected a motion aimed at striking down the financial law program passed in 2006. [read complete entry]
February 27, 2008, 08:21 CET
Hungarian execs unhappy with soft bankruptcy law
A survey has find that 63% of company execs think Hungarian bankruptcy law is too soft on fraudulent companies. [read complete entry]
November 05, 2007, 12:26 CET
Gov't "double-crosses" banks on no-tax pledge
In a surprise move, Hungary's governing parties last week discarded a coalition amendment proposal that would have prevented the levying of a new tax on bank reserves, Index.hu reports. The change comes after the government previously backtracked on plans to... [read complete entry]