Webstores Risk Serious Penalties In Hungary

  • 5 Dec 2019 7:24 AM
  • Budapest Business Journal
Webstores Risk Serious Penalties In Hungary
As online retailers multiply annually, so too do infractions in an effort to keep supply, and Hungary is no exception from the trend according to a report by penzcentrum.hu.

In a recent study, 560 websites were screened in 24 EU member states plus Norway and Iceland. Serious violations were found in 60% of the webshops surveyed.

There are currently 641 online shop names listed in Hungary on the web site of the Ministry for Innovation and Technology (ITM) for serious infringements. Fines imposed by the Competition Office (GVH) can be up to 10% of the company’s annual net sales.

In the case of an investigation by the Consumer Protection Authority, this fine could amount to 5% of net sales, up to a maximum of HUF 500 million, writes penzcentrum.hu.

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Hungary's largest and oldest source of business and financial news in English. Since 1992 it has presented essential information on Hungarian business life, including international analyses about the country. These days the BBJ newspaper is published every other week, while it releases daily business news online including premium paid content.