The Government has already given its approval for the changes in women's pension regulations, which is now waiting for the approval of the Parliament.

The budgeted multi-year outlook for the period 2011-2014 shows that the lately introduced crisis taxes will not be valid only till the end of 2012 as it was announced by the government, but they are planning to proceed in 2013 and 2014.

A new constitutional amendment has been accepted on the meeting of the Constitutional Committee yesterday which would limit the power of the Constitutional Court. The proposal which was only supported by the governing parties would draw the limitation along reference to fundamental rights in the Constitution.

After the request of the Government, the Parlament removed the voting for the 98% extra tax and the amendment of Constitution from its agenda on Monday.

The Government has prepared a draft law extending maternity leave which will be accepted this month. The planned change in women’s retirement rules is also on the agenda of the Parliament on Monday, which will allow the women to retire after 40 years of work. To be able to finance sucha surplus of expenses the Government is planning to raise the pension contributions from 9.5% to 10%.

György Matolcsy, the Minister of Economy confirmed the Prime Minister’s statement before that the time of the private pension funds is coming to an end soon.

The Hungarian Central Statistical Office published its information bulletins regarding the new version of the national Standard Classification of Occupations, known as FEOR-08. This system will replace the previous FEOR-93.

Thanks to the latest personal income tax changes, lots of people will have their net income increased. Such changes always draw the attention to the "science" of tax planning. It is not negligible indeed for instance when we receive our premium, bonus or income for 2010. In case of income tax in 2010 and 2011 there can be even more than 20% difference in the tax payable which makes people thinking.

According to the modifications of the private pension regulations, the new rules will be valid for contributions which are due after 1st November 2010. It means that the pension contributions on incomes of October which are due on 12 November are already subject to the new rules. The current modification is valid for contributions which will be due till 31 December 2011, i.e. incomes received the latest 30 November 2011.

According to the proposal of the European Commission, the deadline for submission of EU VAT claims has been changed.

The National Assembly approved the proposals on free choice of pension funds and redirection of pension contributions. There are many uncertainties regarding the rights, but soon everyone will be entitled to change membership from private pension fund to state-owned fund.

The National Assembly accepted the proposals for changes in regulations to help troubled loans out on Monday. Among other things, the terms of maturity extensions, prepayments, contract modification, and the applicable exchange rate are to be changed.

The most recent changes in the Hungarian tax legislation will introduce flat tax rate system from the beginning of next year, with a rate of 16%. However, in addition there will be some other changes in the taxation of contribution in kind, the corporate tax, social contributions.

According to the latest changes in the tax regulations, the minimum amount which must serve as base of contributions will be the minimum wage instead of the current double minimum wage from 2011.

Changes regarding the private pension fund system in Hungary have just accepted lately and have already raised several questions and problems. Such problems are liquidity problems of funds in the near future, the uncertainties around the principle of legal certainty and the self-care intentions from the private persons’ side which are proven very low though could fall further.

Smaller telecommunication companies and car wholesalers can be relieved, and at the same time mail-order businesses and internet merchants are becoming taxpayers according to the last modifications of the new crisis tax regulations. Monday evening the Parliament finalized its decision on the new tax levied on the energy, telecommunication sector and retailers.

Minister of National Economy, György Matolcsy tabled the bill of new tax regulations. The Parliament will be put to vote on Monday. The final version introduces the flat tax system with significant allowances for children. It also includes regulations for the taxation of the cafeteria system and gives full insight to the „crisis tax” which has been increased to 2.5% in the last moment.