APPLICATION OF LOCAL REVERSE CHARGE ON ELECTRICITY AND GAS IN B2B FROM 1.2.2016

Based on the resolution of the Czech government the supplies of gas and electricity to traders with these commodities will be subject to the local reverse charge treatment starting from 1 February 2016.

Newly, there will be also a possibility of applying the reverse charge regime voluntarily for supplies of selected goods worth up to CZK 100 thousand which are presently subject to reverse charge only if the supply is worth more than CZK 100 thousand (cereals, metals, cell phones etc.). Adoption of reverse charge regime is conditional to mutual written agreement between supplier and customer.

Latest newsletters

Tax changes adopted in Hungary in autumn 2024

SME INFO Nr.2024-6 Hungary – The Autumn Tax Package 2024 brought quite a lot of changes, both major and little. This publication focuses on changes in tax laws, not comprehensively, as usual, but highlighting topics we consider important.

ESG reporting and sustainability report under Act on Accounting

PS SME Info Hu 2024-5: In this newsletter, two new standardized reporting obligations based on EU-adopted directives and standards, effective in Hungary from 1 January 2024 are reviewed: the ESG reporting and the sustainability report under the Act on Accounting.

Changes affecting Act on Accounting – Autumn 2024, Hungary

PS SME Info Hu 2024-4: In 2025 the amendments to the Act on Accounting do not contain any significant accounting changes, mainly some thresholds defining obligations or exemptions have been increased, and in addition, there are mainly additions and clarifications, including on the sustainability report and its audit. We also draw your attention the mandatory electronic invoicing and archiving of natural gas and electricity consumption, which will come into force from 1 January 2025 and will affect a wide range of businesses.

Latest blog posts

Securing Executive Buy-in for Digital Transformation

PS Digi-Blog 7 — In the complex and fast-paced journey of digital transformation, having the executives on your side isn't just helpful; it’s essential. Imagine trying to drive a car without a steering wheel—that's what trying to implement digital changes without executive support might feel like. The commitment from those at the top greatly increases the chance of everyone cooperating, and provides both the resources and the strategic oversight needed to navigate through the digital age

PS APPS: Accounts Payables (AP) processing by automated system

Top 5 Accounts Payable Challenges Faced by Businesses

Processing accounts payable (AP) invoices can feel like an Olympic event for many finance teams, whether it's an internal accounting team or an outsourcing partner.

PS In-Voice – PS APPS touchless accounting: A new step in the evolution of accounting

PS In-Voice podcast series: In this episode, two PS experts discuss touchless accounting and its practical applications. They introduce the PS APPS integrated system, which enables the automation of AP processing, minimizing the need for human intervention.