Strategizing International Tax Best Practices – by Keith Brockman

Hungary’s tax risk system

The Hungarian government has submitted draft proposals for the 2016 budget.

Two important provisions are provided for review and advance planning:

  • Tax risk rating system of “risky” or “reliable” with corollary changes to tax authority deadlines and penalties.
  • Changes to IFRS, from Hungarian GAAP, for 2016.

EY’s Global Tax Alert provides additional details of these proposals:

http://www.ey.com/Publication/vwLUAssets/Hungary_submits_new_proposal_for_2016_tax_law_changes_and_publishes_IFRS_transition_timeline/$FILE/2015G_CM5889_Hungary%20submits%20new%20proposal%20for%202016%20tax%20law%20changes%20and%20publishes%20IFRS%20transition%20timeline.pdf

The risk rating system is becoming more of a norm, versus an exception, in various jurisdictions.  Accordingly, MNE’s should review its tax risk policies/framework to ensure a favorable “reliable” rating is achieved.

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