Final Hungarian GloBE tax return form and completion guide published

As the deadline of the submission of Hungarian annual GloBE returns is approaching, we would like to bring the updates to your attention in this regard. Hungarian constituent entities that are members of a calendar-year group are required to submit the 2024 Hungarian QDMTT final return (including its sections for the IIR) by 30 June 2026.

The Hungarian tax authority published the final version of the 2024 Hungarian GloBE return (covering IIR obligations and QDMTT final obligations) and the respective manual instructions. In line with the previous approach of the authority, Hungarian constituent entities are still eligible to appoint one designated local entity who will submit the Hungarian GloBE return on behalf of all local constituent entities. Based on the final return, the required data points include:

• entity identification details (Hungarian constituent entities, excluded entities and the UPEs);
• reporting period and scope (financial year of the designated Hungarian Constituent Entity and the group, including deviation due to mid-year mergers and acquisitions, the top-up tax types covered by the return);
• accounting and currency information (the GAAP based on which the Hungarian QDMTT liability has been calculated and the GAAP of the consolidated financial statements, currency of the underlying financial accounts);
• detailed information related to the QDMTT advance and final liabilities and IIR liabilities (aggregated and entity-level amounts, including the applied currency, the applied QDMTT allocation method, the financial year of the parent entity for IIR purposes);
• the effective tax rate for Hungarian QDMTT purposes;
• various declarations based on the Hungarian GloBE Act (including, among others, declarations on applied exemptions, subgroups, if any, and large-scale domestic group status).

Failure to submit the return, late submission, or incomplete or incorrect return, the Hungarian tax authority may impose penalty up to HUF 10 million (approx. 27,800 EUR) per Hungarian constituent entity. Considering that the submission deadline is rapidly approaching, we recommend starting preparations as soon as possible.

Our expert colleagues are happy to assist with the preparation / review of the tax calculation, perform / review the safe harbour eligibility, and later prepare and submit the 2024 Hungarian GloBE return. In addition, they are at your disposal to answer any questions that arise during the process. If you consider that our support could be useful for you, please let us know.