On 19 June 2012, Law LXIX (Law) amending several tax laws was published in the Official Gazette. The most important features of the Law amending the Law on Tax Procedures are summarized below. The Law places a new obligation on taxpayers regarding cash payments. According to the new modification, taxpayers, who have the statutory obligation to open a bank account are also required to carry out their payments related to their taxable activities in accordance with the regulations of the new Law. Consequently, the taxpayers concerned will not be able to carry out cash payments over HUF 5 million. This...