Hungary: CbC reporting form, released by tax authority | KPMG | US

Hungary: Country-by-country reporting form, released by tax authority

Hungary: CbC reporting form, released by tax authority

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.

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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 | mihaly.godor@kpmg.hu

Szabolcs Végh | +36 1 887 7213 | szabolcs.vegh@kpmg.hu

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