New deal – Terrapark office complex
CEE LEGAL MATTERS reported about our involvement in the transaction Terrapark Office Complex. You may find the article here….
Insights and news
Privacy Shield has been repealed
The Court of Justice of the European Union has delivered a significant judgment in a case to examine whether the Privacy Shield Convention (2016/1250), which governs the transatlantic use of EU citizens’ personal data, achieves its intended purpose. As a result of that decision, the EU-U.S. Privacy Shield is no longer a valid mechanism to…
Restrictions for acquisitions of strategic companies incorporated in Hungary
As part of the “economic protection plan” introduced by the Hungarian Government as an answer to the COVID-19 epidemic the Government Decree Nr. 227/2020. (V. 25.) (hereinafter: “Decree“) established temporary measures for special transactions related to strategic companies incorporated in Hungary. On the 16th June 2020 the Government ended the state of emergency, however, the…
New retail tax in Hungary among governmental COVID-19 measurements
With regard to the COVID19 epidemic the Hungarian Government has progressively implemented certain restrictive measures that may have an impact on the use of commercial stores. Let us provide you a brief summary below on the implemented measures and the affects thereof on non-residential lease agreements. The scope of the retail tax does not only…
The COVID-19 measures of the Hungarian Government and their effects on non-residential lease agreements
With regard to the COVID19 epidemic the Hungarian Government has progressively implemented certain restrictive measures that may have an impact on the use of commercial stores. Let us provide you a brief summary below on the implemented measures and the affects thereof on non-residential lease agreements. The measures of the Government On March 17, 2020,…
New system of the building authories
From 1st of March 2020 significant changes will occur in the field of construction law concerning the structure of the competent building authorities. Within the framework of the changes, from the above date the previously first instance building authority, namely the notaries of the municipal government (district centre), the notaries of the municipal government of…
New ‘Plaza-stop’ rules
1. Recitals – Plaza-stop I. The so-called plaza-stop I. rules were effective as a part of Act LXXVIII of 1997 on the Formation and Protection of the Built Environment (hereinafter: “Act”) from January 1, 2012 until January 1, 2015, according to which rules the construction of any commercial buildings above gross area of 300 sqm…
Labor safety
The compliance deadline (January 8, 2017) defined in the amendment (Act 79 of 2016 on the harmonization of the employment legislation) of the Act 93 of 1993 on Labor Safety (Mvt.) which brought significant changes regarding the workers’ representatives, will expire soon. Since Juli 8, 2016 a workers’ representative for occupational safety shall be elected…
What can we do for effectiveness of EU law?
In all areas of business, numerous provisions of EU law confer direct and indirect rights and obligations on businesses and enterprises of the Member States. The law of the European Union has become an integral and equal part of the national legal systems of the Member States. The authorities in each Member State – among…
Changing corporate laws
As of March 1, 2012 regulations of corporate law have been changed again by the legislator. We would like to briefly summarize the most remarkable corporate law changes for the companies’ decision makers: the attorney’s seat service supply for companies will not be possible anymore (further seat service cannot be provided, although the already provided…
Compulsory energy performance certificate
From 1 January 2012, an energy performance certificate has to be obtained by the developer, the owner or the landlord when buildings are sold or let. The certificate will remain valid for 10 years (although in certain cases new certificates will be required.) and it must be prepared by a duly authorised engineer or professional…
New rules for payment order procedure
Pursuant to Act No. 50 of 2009 on the payment order procedure (fizetési meghagyásos eljárás), from the 1st of June 2010, it is a notarial power to enforce due pecuniary claims in payment order procedures. The goal with the new regulation was primarily to relieve the ordinary courts, since more than 400 thousand of these non-litigious procedures were conducted in front of the courts in every year….
Significant changes in construction law
The main reason of the changes on the construction activity and construction contracts is to provide higher administrative control over construction projects which are financed by state sources. The new provision shall also apply for private projects. …
Amendments to the Condominium Act
As one of the most interesting changes of the Hungarian Condominium Act from a real estate developer’s aspect, the condominium representative (közös képviselő) may not act in the name and on behalf of the condominium during the various proceedings of the building authority. As a consequence, in the future the building authority shall notify each condominium member having a client status in the building/occupancy permit proceeding separately and thus the period opened for the appeal or waiver of the right to appeal will commence at different dates in case of each owner….
New taxation on the cafeteria system
The benefits in kind (cafeteria) system has been subject to significant changes as of 2010. Even if most of the changes have an unfavourable impact on the employees (and vice versa: the changes will probably lead to an increase of the state budget), professionals consider that the employers still should implement some sort of cafeteria system instead to pay the amounts allocated for such purpose as part of the base salary….
Amended rules of land transfer tax
With the effect of 1st January, 2010 the Hungarian legislation has adopted amendments to the Act XCIII of 1990 on Duties. The latest amendments intend to eliminate the loopholes of the provisions concerning the new land transfer tax payable upon the sale of the real estate-companies….