Dear KRS Clients,

KRS acted as the Hungarian legal advisor in a transaction between the korean KDB Bank and SHINHEUNG SEC EU Kft., concerning the conclusion of a loan agreement and in the loan drawdown.

KRS acting as Hungarian legal counsel of SK Battery Hungary Ltd.

Our Firm once again assisted in a real estate development project regarding the acquiring of an industrial property in Győr.

Our Firm assisted a successful tenderer in the process of acquiring real estate property in Hatvan.

Thanks to our attorneys, a consumer protection procedure against one of our insurance brokerage clients was successfully closed.

In the real estate registration process, the ranking of cases submitted to a topographical lot number is determined by the date of receipt of the application submitted to the land registry, also known as the date of registration. Previously, it was a problem when an application for registration of ownership was filed in the case of a mortgaged real property, followed by a request for the cancellation of a mortgage on the real property.

The Hungarian Government's request for a derogation has been successful, as the European Council decision on the 2nd of October 2019 does not require to keep a track record of the private use of leased passenger cars, if the bill submitted on Friday is adopted, and the costs of leasing VAT and 50% of it will be deductible without certificate, as opposed to the previous rule of proportionality.

Specific details of a new tax institution were established in a so-called “tax-package” submitted prior to the festive week-end, which has had unfortunately passed away. Following the VAT grouping, corporate tax grouping is going to be available in Hungary, thus, also a massive competitive disadvantage is willing to be vanished.