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Highlights of our experience in Tax in Hungary

  • Apollo Tyres on the construction of a greenfield manufacturing plant in Hungary, including legal, tax and state subsidy advice regarding the acquisition of the selected property, cash incentives, and incorporation of a subsidiary as well as its ongoing operation. Successfully negotiated a high-value incentive agreement for the client with the Hungarian Investment and Trade Agency within an extremely short timeframe.
  • AXA Bank on VAT structuring of the sale of its Hungarian banking operations to OTP Bank.
  • A major international telecommunication company on a VAT dispute of EUR 48 million.
  • Crown Packaging on the tax aspects of the Europe-wide restructuring of its operations, including submitting a binding ruling request on behalf of the client, to cover VAT, local business tax and other tax implications of the next structure. We also advised on various environmental product levy issues related to their complex supply chain as well as with respect to the impact of the introduction of the EKAER system.
  • Credigen Bank (subsidiary of Credit Agricole) on the sale of its performing loan portfolio. Tax involvement was mainly focused on the VAT aspects of the portfolio transfer, since the VAT treatment of portfolio transfers is quite controversial on the basis of EU case law as well as Hungarian legislation.

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