The document has been released for public consultation, meaning that the final legislative text may still change substantially before its adoption. Nevertheless, the complexity of the published material indicates that determining and reporting wealth tax liabilities may in many cases require expertise in accounting, business valuation, real estate valuation and international taxation. Below, we summarise the key proposed rules and practical considerations.

When could the Wealth Tax Act enter into force?

Under the draft, the legislation would enter into force on 15 December 2026, and the first tax liability would arise based on the composition and value of the taxpayer’s wealth as at 31 December 2026. For these purposes, 2026 would constitute a short transitional tax year running from 15 to 31 December. The tax would not, however, be determined by reference to any increase in wealth during that period, but on the basis of the taxpayer’s total taxable wealth held on 31 December.

As a general rule, the first wealth tax return and the related tax payment would therefore be due by 31 August 2027. The draft contains a special transitional election for the 2026 valuation of certain listed equity interests and debt securities. Existing resident asset management taxpayers, as well as affected non-resident asset management taxpayers, would also be required to register with the Hungarian National Tax and Customs Administration (NAV) within 30 days of the legislation entering into force.

Who would be subject to wealth tax?

The draft identifies four categories of taxable persons: resident and non-resident individuals, and resident and non-resident asset management taxpayers. The latter category would include, among others, assets held under a fiduciary asset management arrangement, private foundations, and foreign entities, legal arrangements or segregated pools of assets that are comparable in purpose.

Resident taxable persons would be subject to unlimited tax liability and would therefore be required to take into account all of their Hungarian and foreign assets. By contrast, the liability of non-resident taxable persons would extend to real estate situated in Hungary and related rights of monetary value, equity interests in companies incorporated under Hungarian law, and ownership interests in companies holding Hungarian real estate.

The proposed concept of tax residence would differ in several respects from the traditional rules applicable for personal income tax purposes. For example, the draft would, as a general rule, treat Hungarian nationals with dual citizenship as resident taxpayers, while providing exceptions for certain Hungarian nationals who have lived abroad on a long-term basis, foreign nationals working in Hungary for a specified period, and certain persons holding a right of long-term residence.

What would constitute the wealth tax base?

The tax would be levied on net wealth. For a resident taxable person, the tax base would equal the difference between the aggregate calculated value of all taxable assets as at 31 December and the amount of liabilities actually outstanding and duly substantiated, less the HUF 1 billion threshold. A non-resident taxable person could deduct only liabilities directly connected with the acquisition, creation, maintenance or improvement of taxable Hungarian assets.

The definition of an asset would be exceptionally broad. In addition to real estate and equity interests, it would cover cash and cash equivalents, securities, investment-grade precious metals, gemstones, receivables, rights under insurance contracts, crypto-assets, options, vehicles and any other items or rights with an economic value that can be expressed in monetary terms. Ordinary movable property for an individual’s personal use would generally be excluded. However, works of art, collections and jewellery with an individual value exceeding HUF 3 million, as well as vehicles worth more than HUF 10 million, would be taxable.

Jointly owned assets would be allocated in proportion to the respective ownership interests. In relation to matrimonial property, a marital property agreement would take precedence. In the absence of such an agreement, spouses could make a joint election, in respect of individual registered assets, either to allocate the asset to one spouse or to divide it equally between them. In specified cases, the assets of a minor child would be included in the parents’ tax base.

The draft Wealth Tax Act would introduce two progressive rates

The draft would apply progressive tax rates: 1% on the portion of the tax base not exceeding HUF 100 billion and 1.5% on the portion above that amount. Since the tax base would comprise only the portion of net wealth exceeding HUF 1 billion, a taxable person with net wealth of HUF 1.5 billion would have a tax base of HUF 500 million.

The tax payable could be reduced, among other items, by local taxes and motor vehicle tax due and paid in the relevant tax year in respect of assets included in the tax base, as well as comparable foreign taxes, provided that the amount is not refundable to the taxable person.

The taxation of foreign assets in Hungary may also be affected by applicable international treaties. The draft specifically addresses cases where an asset taxable in another state may be taken into account in Hungary solely for the purpose of determining the tax payable on the taxpayer’s remaining wealth. The elimination of double taxation may therefore require a separate analysis for each asset and under each applicable treaty.

How would the tax be assessed and paid?

Wealth tax would operate on a self-assessment basis. Based on the composition and value of their wealth on the last day of the year, taxable persons would calculate, report and pay the tax themselves by 31 August of the following year. A return would be required only where an actual tax payment liability arises. Communications with the tax authority and the filing of the return would be electronic.

For each asset, the return would have to disclose, among other information, the legal basis and date of acquisition, identification details, the ownership interest, the calculated value, the valuation method applied, deductible liabilities and tax credits. Supporting documents would have to be retained until the expiry of the limitation period for the tax authority’s right to assess tax. In practice, the proposed rules would therefore require taxpayers with substantial wealth to prepare and annually update a detailed inventory of their assets.

General rules for the valuation of assets

Each asset would have to be taken into account in accordance with the specific valuation rule prescribed by the legislation. Where no specific rule applies to a particular asset, its fair market value as at 31 December would be used. Amounts denominated in foreign currencies would, as a general rule, be translated into Hungarian forints at the official year-end exchange rate published by the National Bank of Hungary.

The valuation framework is not limited to estimating market value. For certain asset classes, it prescribes fixed calculation methods, a mandatory hierarchy of valuation approaches, professional qualification requirements for experts and detailed documentation conditions. This is one of the most complex parts of the draft and is likely to become a central technical issue during the public consultation.

How would equity interests be valued?

As a general rule, the value of listed equity interests and equity interests regularly traded outside a stock exchange would be determined using the closing price on the final trading day of the year. If that price differs by more than 10% from the volume-weighted average price over the preceding 30 days, the latter would apply.

For unlisted companies, the draft would apply a blended formula similar to the Swiss model examined previously: the weighted average of equity and twice the capitalised earnings value would be multiplied by the taxpayer’s ownership interest. The capitalised earnings value would be based on the average profit after tax for the three most recently completed financial years, using a capitalisation rate of 15%. Where average earnings are negative, the capitalised earnings value would be zero.

For companies with equity exceeding HUF 500 million, the book value of equity would have to be adjusted for hidden reserves recognised in real estate, equity interests and securities. The company would have to provide the relevant data, reviewed by an auditor, both to its owners and to NAV. A minority discount of 25% or 30% could be applied, depending on the ownership percentage.

Where financial statement data are incomplete, the company’s operations have changed significantly, or special rights are attached to the equity interest, an independent business valuation could be required. In such cases, at least two valuation methods would have to be applied from among the income, market and asset-based approaches.

Valuation of Hungarian and foreign real estate

A mandatory hierarchy would apply to Hungarian real estate. First, the value of an appropriate transaction completed within the preceding 12 months would be used. If unavailable, the indexed value of a transaction completed no more than ten years earlier would apply. If neither is available, the value generated by NAV’s nationwide mass appraisal model would be used, followed, as a final option, by the market value determined by an independent expert.

For residential property, indexation would be based on the house price index of the National Bank of Hungary, while for agricultural land it would use the Hungarian Central Statistical Office’s agricultural land price data by land-use category. An expert valuation of high-value real estate worth at least HUF 500 million could be carried out only by a duly authorised forensic expert, using at least two valuation methods.

For foreign real estate, the starting point would be the acquisition value or a value determined by a public authority, increased by the cost of capital improvements. In subsequent years, the value would change, at the taxpayer’s election, either by 3% per year or in line with the foreign jurisdiction’s official property price index. Where neither method can be applied, an official value used for tax or cadastral purposes would apply, or, as a last resort, the market value determined by an independent expert.

Movable property, works of art and collections

As a general rule, movable property would be valued at fair market value at year-end. A collection would be valued as a single unit rather than as the simple aggregate of its individual items. The primary reference could be the purchase price in a transaction between independent parties completed within the preceding 12 months. Failing this, documented sales or auction data, publicly advertised prices, or an insurance value reflecting market value could be used. Taxpayers could also elect to obtain an independent expert valuation.

Detailed comparability criteria would apply to each type of vehicle. For motor vehicles, the manufacturer, model or body type, age, mileage, condition and equipment would be considered, while aircraft and watercraft would require the assessment of additional technical and usage-related data.

Financial assets and crypto-assets

Cash would be recognised at face value and bank deposits at their year-end closing balance. Exchange-traded debt securities would be valued at their average price over 20 trading days, investment fund units at net asset value, and non-traded bonds generally at face value. The outstanding principal would apply to receivables, positive market value to derivative positions, and surrender value to insurance policies.

The value of crypto-assets would be determined by multiplying the quantity held at year-end by the publicly available closing price quoted on a platform providing regular trading. Where no reference price is available, the taxpayer would be required to substantiate the market value in a credible manner. For standardised investment-grade precious metal products, the value would be based on the quantity of fine metal and the relevant international reference price.

Enhanced tax authority scrutiny and the risk of retrospective review

The draft contains a specific anti-avoidance principle. NAV could examine whether rights were exercised in accordance with their intended purpose from the date on which the planned introduction of the wealth tax became publicly known. Taxpayers may therefore be required to demonstrate that any subsequent transfers of assets, restructurings or unusual valuation methods were supported by genuine economic reasons or other reasonable circumstances independent of the tax liability. To clarify discrepancies between the data reported in the return and information held in its own records, NAV could issue a request for clarification with a 15-day deadline. If the taxpayer fails to respond, or the discrepancy remains unresolved and reduces the wealth tax base by at least HUF 500 million, a tax audit would be initiated. An independent real estate valuation prepared in accordance with the applicable rules could, subject to certain conditions, protect the taxpayer from a tax penalty and late-payment surcharge relating to a valuation difference. The underlying tax shortfall would nevertheless remain payable.

A Hungary’s Draft Wealth Tax Legislation Published bejegyzés először Andersen Magyarország-én jelent meg.

International Tax Review (ITR), one of the world’s leading tax publications, founded in 1989, recognised Europe’s top tax advisory firms for the 22nd time. The jury, comprising the magazine’s editors and experts, evaluated the candidates based on the volume and complexity of the work completed during the assessment period, the innovative nature of its delivery, and client feedback.

ITR ranks firms in four categories: Tax Firm of the Year, VAT, transfer pricing and tax disputes. As previously reported, Andersen was shortlisted in all four categories this year, just as it was in the previous year. In a highly competitive field, our firm received the most significant of the four awards and successfully retained its title.

In addition to retaining the award, Andersen Adótanácsadó Zrt.’s position in the professional rankings provides further validation: in the general corporate tax category, Andersen remains the only firm outside the Big Four to be ranked by ITR in the highest, Tier 1 category. Andersen also received the highest number of positive client reviews among the Hungarian firms assessed. This is particularly meaningful to us because, alongside professional achievements, we regard client satisfaction as the most important measure of our performance. The success reflects the coordinated efforts of our colleagues, of which we can justifiably be proud.

The winners were officially announced, and the awards were presented, at the ITR Tax Awards ceremony in London on 17 September. The firm was represented by Dr Zoltán Pauker, Head of Transaction Tax Advisory.

A ITR: Andersen again named Hungary Tax Firm of the Year bejegyzés először Andersen Magyarország-én jelent meg.

According to the newly announced position of the competent authorities, the registration cap was interpreted to apply only for the first half of 2026 and, as the authorities have decided not to introduce a new registration cap for the second half of 2026, it ceased to have effect as of 1 July 2026. As a result, the decision is also due to the noticeable slowdown in industry activity. As a result, applications submitted after 1 July 2026 will no longer be suspended, as well as the Film Office is expected to resume processing those applications that had previously been placed on hold.

That said, applicants should continue to expect extended processing times. A substantial backlog has accumulated over recent months, and obtaining production registration is therefore still likely to take several months at least. In our view, the Film Office is expected to gradually eliminate the backlog by the end of the year the earliest.

It is also important to note that no other provisions of the Film Act have been amended. Accordingly, new applications may continue to be submitted under the same legal framework and procedural rules that have applied to date. Likewise, the annual amount collection account, from which the rebate monies are disbursed periodically, remains unchanged, i.e. HUF 70 billion.

We, at Andersen, continue to closely monitor the government decree and will report on new developments as soon as they are known. Our related services>>.

A Hungarian film rebate: Registrations restarted from 1 July 2026 without limitation bejegyzés először Andersen Magyarország-én jelent meg.

Founded in 1989, the International Tax Review (ITR), one of the world’s leading tax journals, is awarding Europe’s best tax advisory service companies for the 21th time. A jury of ITR’s editors and experts ranks the candidates’ performance in several categories, based on different aspects for the period in question.

Andersen earned the prestigious Hungary Tax Firm of the Year award in this competition for three consecutive years (ITR EMEA Tax Awards 2021, 2022 and 2023), and regained the title in 2025 after a brief hiatus. Thanks to the high-quality work delivered and the outstanding results achieved in recent years, the firm has once again secured a place on the distinguished four-company shortlist, making it a strong contender for the prestigious award this year as well.

The quality of Andersen’s services and its overall performance are further demonstrated by its inclusion on the shortlist in three additional categories: (1) Hungary Transfer Pricing Firm of the Year, (2) Tax Disputes Advisory Firm of the Year, and (3) Hungary Indirect Tax Firm of the Year. It is particularly noteworthy that Andersen was awarded the Hungary Indirect Tax Firm of the Year title — recognizing excellence in VAT advisory services — in 2022, 2023, and 2024, while it received the Hungary Transfer Pricing Firm of the Year award in 2025.

The winners will be announced on 17 September, at the awards ceremony held in London.

A ITR EMEA TAX AWARDS 2026: Andersen among the best in all categories bejegyzés először Andersen Magyarország-én jelent meg.

The European Commission’s proposal for a Directive establishing a harmonized transfer pricing framework (COM (2023) 529 final, procedure 2023/0322 (CNS)) has not progressed toward adoption and is currently expected to be withdrawn. In its place, policymakers may pursue alternative, non-legislative mechanisms – such as an EU transfer pricing platform – aimed at fostering consensus-based coordination among Member States. For the foreseeable future, however, national legislation and the OECD Transfer Pricing Guidelines will continue to constitute the reference framework for multinational enterprises (MNEs) operating within and beyond the European Union.

In parallel, tax authorities are increasing the intensity and technical depth of domestic transfer pricing audits, deploying structured risk-assessment methodologies, supported by enhanced data analytics and expanded access to taxpayer information. This shift has led to a higher volume of targeted examinations, broader and more granular information requests, and more assertive adjustment positions, particularly in areas involving intangible assets, intra-group financing, and business restructurings. Consequently, transfer pricing controversy has become more frequent and more complex, increasing the likelihood of double taxation and heightening the importance of early-stage audit management, coordinated cross-border positions, and effective use of dispute resolution mechanisms.

For MNEs, this evolution requires sustained vigilance: demonstrating alignment with the arm’s length principle, maintaining contemporaneous and defensible documentation, and ensuring cross-jurisdictional consistency have become core governance imperatives. In an era defined by increased scrutiny and expanding information exchange, transfer pricing has evolved beyond a technical compliance exercise. It now represents a strategic pillar of tax risk management and financial stewardship.

This edition, prepared by the European Transfer Pricing Team at Andersen, provides a consolidated overview of key compliance obligations and deadlines across 30 jurisdictions, including Armenia, Georgia, Switzerland, and Turkey. It is designed to support multinational groups in strengthening compliance frameworks and proactively managing transfer pricing risk across Europe and neighboring markets.

A TP: documentation requirements in Europe 2026 bejegyzés először Andersen Magyarország-én jelent meg.

Szabó Kelemen & Partners Andersen Attorneys was rated in seven different categories (typically at tier3 level) based on client feedback. These are the following:

• Banking, Finance and Capital Markets (TIER3)
• Commercial, corporate and M&A (TIER3)
• Competition (TIER3)
• Dispute resolution (TIER2)
• Employment (TIER4)
• Projects and energy (TIER3)
• Real estate and construction (TIER3)

With this result, the office kept and strengthened its prominent position in the group of leading law firms in Hungary.

In addition, to our great honor, the editors of the publication ranked one of our colleagues, László András Kelemen (Attorney-at-Law, Managing Partner) among the best Leading Individuals in Hungary in the Competition category again. Besides this, Balázs Dominek (Attorney-at-Law, Managing Partner) was also listed as Next Generation Partner in the Commercial, corporate and M&A category.

A LEGAL 500 2026 – Our lawyers in prestigious positions again bejegyzés először Andersen Magyarország-én jelent meg.

Our firm supports clients with employee transfers and outsourcing agreements, and regularly advises on the drafting of employment contracts and workplace policies, including remote working policies and collective bargaining agreements. The team also handles disciplinary proceedings and employee terminations, including collective redundancies, and assists with employee benefits and immigration matters.

Within our Corporate and M&A practice, Szabó Kelemen & Partners Andersen Attorneys advises businesses of various sizes and profiles, from multinational corporations to mid-sized Hungarian enterprises. The firm is frequently involved in transactions related to restructurings, mergers, de-mergers, and acquisitions.

In the Chambers Europe 2026 guide, the firm is ranked Band 4 in Employment and Band 5 in Corporate/M&A. We are proud that we have received recognition for 17 consecutive years in the former category and for 16 consecutive years in the latter.

A Szabó Kelemen & Partners Andersen Attorneys ranked in Chambers Europe 2026 bejegyzés először Andersen Magyarország-én jelent meg.

The Corporate and M&A department of SZKT Andersen is widely recognized as a leading provider of legal services. As a full-service law firm, its expertise in these areas is at the core of the business. Clients rely on the department’s extensive experience and deep understanding of the complexities involved in these practice areas. The core industry targets of the firm are agri-business, financial markets, energy and renewables, pharma, and commodity trading.

„In M&A, we provide comprehensive, full-scale, industry-specific legal services, including regulatory licensing and approval as well as antitrust clearance. We also work closely with Andersen Tax and provide our clients with one-stop-shop tax advisory and structuring, legal, and industry line services. We have been involved in a number of cutting-edge M&A transactions and corporate works, of which we are really proud” summarized Balázs Dominek, managing partner of SZKT Andersen.

It is worth noting that Szabó Kelemen & Partners Andersen Attorneys (SZKT Andersen) has been a long‑standing presence in the Corporate/M&A rankings.

A SZKT Andersen Attorneys ranked in Chambers Global 2026 bejegyzés először Andersen Magyarország-én jelent meg.

PRESS RELEASE

Representatives of Andersen’s leadership team rang the opening bell at the NYSE earlier today capping a 23-year journey from startup to publicly traded enterprise.

“Today marks a historic moment for Andersen,” said Mark L. Vorsatz, Chairman and CEO. “From our founding, we set out to build a firm rooted in integrity, independence and exceptional client service. Becoming a public company positions us to help accelerate that vision, invest in innovation and create lasting value for our clients, our people and our shareholders.”

The listing provides Andersen with greater access to capital markets to support its expansion across existing service offerings, including tax, valuation and consulting, and new service offerings, such as legal services.

“Going public is not just a financial milestone — it’s a commitment to our culture, stewardship and transparency,” added Dan DePaoli, U.S. Country Managing Director. “We are proud to join the ranks of global public companies and to bring Andersen’s client-focused model to an even wider stage.”

“Going public isn’t about monetization — it’s about momentum,” Vorsatz said. “With greater access to capital, we can invest more deeply in technology, infrastructure and global integration, broadening our services and creating meaningful opportunities for our people. We’ve never lost sight of those rising behind us. Across generations, our teams are grounded in a culture built on trust and enduring values. Stewardship isn’t a slogan here — it’s a shared commitment, practiced at every level. It’s the foundation of our success and the force that will carry our legacy into the future empowering the next generation to thrive and, in turn, pay it forward.”

“We do not want to be the biggest firm in the world. We want to be the best,” Vorsatz said.

Source

A Andersen Rings the Opening Bell at the New York Stock Exchange bejegyzés először Andersen Magyarország-én jelent meg.

The rebate amount available in the collection account for supporting Hungarian film productions for 2026 is set at HUF 70 billion. This is actually more than the original HUF 63 billion amount set in the annual state budget law for 2026, and although less than the 2025 amount of HUF 81 billion, still, it is expected to be nearly sufficient considering the recent decline in industry spending.

Similarly to 2025, there has also been a cap announced for new registrations in 2026. In a bit of unusual manner, the cap has only been set for the first half of 2026, in the amount of HUF 140 billion, of which HUF 21 billion has been reserved for projects with Hungarian participation. It is expected that the registration cap for the second half of 2026 will be regulated by another government decree, to be published around June 2026.

Considering the 2025 annual registration cap of HUF 407 billion and the fact that annual industry spending for 2026 is expected to be around HUF 300 billion, the HUF 140 billion cap seems to be a satisfactory amount on an annual pro-rata basis.  

The newly announced 2026 registration cap is expected to be distributed on a first‑come, first‑served basis immediately among the productions that have already filed their registrations, but the process has been suspended and are now “standing” in the queue. As a result, it will become clear within weeks, probably by early February 2026, which film projects will be successfully registered, and which will have to wait further to get their registration.

Projects to be registered within the HUF 140 billion budget will be entitled to start submitting rebate claims retroactively from the start date of the production period.

Upon consultation with the National Film Office, we understand that none of the projects out of the 140 billion range would be rejected, either. Instead, they will need to wait for the next round or registrations, expectedly to be made after June 2026. New productions may also join the queue and, similar to the current practice, they will be suspended until their turn.

Furthermore, we expect that in the medium run, the registration cap actually available will also gradually expand if productions failed to start within the 12-month deadline upon registration, or if the eligible spend registered is reduced by the production voluntarily. This, however, is a time-consuming process, and its impact is likely to become noticeable only toward the end of 2026.

Based on the practice that have been evolved in the last few months, it seems that the strategy of the government is only to slow down the payment cycle for rebate amounts, while the scope of eligible spend and other competitive elements of the system would not change, so we expect the industry will soon adopt to the new circumstances and continue to prosper in 2026.  

We, at Andersen, continue to closely monitor the government decree and will report on new developments as soon as they are known. Our previously published articles on this topic:

2025.12.11. – Change of Hungarian film rebate: shooting must be started within six months

2025.08.08. – Government decree regulating new film registration process is still on hold

2025.07.21. – Film registrations are reopened, but process takes longer

2025.06.16. – Hungarian film funding rises to HUF 81 billion in 2025

A Hungarian film rebate: Annual caps for new registrations and the collection account have been announced bejegyzés először Andersen Magyarország-én jelent meg.