The Hungarian tax authority published on its website a form (form 16CBC) for use by taxpayers in complying with country-by-country (CbC) reporting requirements, effective 31 May 2017.
Only certain multinational corporations are required to submit the 16CBC form (that is, those taxpayer entities having an annual consolidated group revenue of €750 million in the fiscal year preceding the reporting fiscal year). Under a general rule, the ultimate parent company is to file the CbC report, but a group member other than the parent company can be assigned to serve as the CbC reporting entity. The CbC report is to be filed within 12 months after the last day of the fiscal year. Read a KPMG report that describes the CbC reporting requirements.
According to the changes effective from May 2017, a corporate group member that is not required to file the CbC report must declare that it does not have a filing obligation, and must also name the entity and the country where the CbC report will be filed with that country’s tax authority. For this purpose, taxpayers are to use a notification form 17T201T. Entities that are calendar-year taxpayers must submit their declarations on or before 31 December 2017 regarding financial years 2016 and 2017.
For more information, contact a KPMG tax professional in Hungary:
Mihály Gódor | +36 1 887 7340 | firstname.lastname@example.org
Szabolcs Végh | +36 1 887 7213 | email@example.com
© 2019 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.
Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.