Concessions concerning bank loans and taxes have been introduced as new measures by the Hungarian Government to support the economy.
Capital and interest payments on bank loans taken by businesses prior to 18 March 2020 are suspended until the December 31, 2020. These rules apply only to loans provided by credit institutes and include financial leasing agreements as well. If businesses wish to continue the repayment of their loans (capital and interest), they may wish to do so.
The terms of credit will be extended by the duration of the above moratorium and loans expiring during the term of the moratorium will be extended until December 31, 2020.
No. If one of the contracting parties is unable to fulfill its contractual obligations (ie. it is in breach of contract in civil law) but proves that the breach was beyond its control and unforeseeable at the time of the conclusion of the contract, then the defaulting party is not liable for potential damage. This is the so called force majeure rule of Hungarian Law, but it applies only to not being liable for damage caused by higher force.
For example, if a supplier is unable to deliver a product on time due to the epidemic, that might cause serious damage to customers. However, the supplier will not be liable for damages if it proves that event was beyond its control. The contract will remain valid unless delivery becomes completely impossible, in which case the contract will cease. An example for the latter is the impossibility of transportation as based on a transportation contract. If the owner of the goods entrusts another company with transportation after the first firm’s vehicle failed to arrive due to the virus emergency, then the contract will cease. The owner will not be entitled to demand damages from the first transportation company.
No. The tax reduction measures of the Government apply to certain sectors exclusively, leaving many corporate taxpayers unaffected. The tax cut is applicable only to businesses operating in the areas of tourism, hospitality, entertainment, gambling, film, performing, event organizing and sports.
The above industries are exempted from the payment of employers' contributions and workers' contributions are significantly reduced. Also, the leasing contracts for their rented premises cannot be terminated and the rent cannot be increased until June 30, 2020. Further temporary tax cuts have been introduced for small and very small businesses.
All natural and legal persons can benefit from the concessions concerning procedural rules. The submission deadline for yearly tax returns has been postponed to September 30, 2020.
Enforcement measures such as evictions and seizures as well as the collection of tax debt are suspended until the 15th day after the closure of the emergency. This rule also forbids court auctions and other on-site enforcement measures. Should the state of emergency continue until after the end of October, then evictions that would take place between 15th November 2020 and 30th April 2021 will be postponed.
We are dedicated to adding value to our clients’ businesses through understanding their objectives and supporting them in achieving their goals. With over 20 years of international experience and a strong focus on digitalization we provide full scale professional services at a single point of contact.
In our Case Studies we have described some examples of how we work for our clients and what benefits we have achieved for them.
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Businesses looking to permanently outsource their accounting and reporting functions can benefit from our full-scale, fully digitalized accounting solutions, including a wide range of professional services.
Our outsourced accounting services are built on three pillars:
Depending on your preference, we will maintain your accounts in HUF or any other functional currency such as EUR, USD, or CHF. We also manage all interconnected tasks arising from foreign currency accounting.
Our comprehensive accounting services include filing financial statements and registering your firm in the electronic systems of the Hungarian tax administration. We also prepare and submit your tax returns electronically.
If your company requires a tailored management information system in Hungary, we will adapt our services to align with your preferred accounting system, policies, and data format.
Our fully digital accounting platform streamlines financial management for businesses of all sizes. With a cloud-based system, our clients can gain real-time access to their accounting data, ensuring accuracy, transparency, and efficiency. The integration of tax compliance features also ensures that businesses remain up to date with local regulations, avoiding costly penalties.
We will generate detailed financial reports tailored to our clients’ needs, a further useful function of our fully digital accounting system. These reports provide valuable insights into cash flow, profitability, and the overall financial status, enabling better decision-making.
Another key advantage is the flexibility of digital collaboration between our clients and their accountants. A centralized platform allows for efficient document sharing and direct communication with our financial professionals. This enhances workflow efficiency and ensures that accounting tasks are completed accurately and on time. Whether managing payroll, tax filings, or financial planning, our clients benefit from a reliable, secure, and scalable accounting solution tailored to their specific needs.
We understand the importance of a smooth and efficient accounting process, also in cases when you wish your financial data to be integrated in your company’s own ERP-system. To ensure that financial data is seamlessly integrated into your ERP we handle the direct upload of your accounting data, eliminating errors and saving valuable time.
This automated process ensures that your company always has access to up-to-date financial records, improving accuracy and operational efficiency. Quarterly, monthly or weekly financial reporting enhances decision-making by providing your management team with precise, reliable insights.
We tailor our accounting services to our clients’ needs—whether for permanent outsourcing or for temporary support until an in-house accounting department is established.
We provide expert accounting advice, especially valuable in the early stages of business operations. Our team also advises on implementation and compatibility related to IFRS, US-GAAP, and Hungarian Accounting Standards.
While most companies in Hungary maintain accounts in Hungarian Forints (HUF), this may not be ideal for internationally active businesses. We guide our clients through the process of transitioning their accounting system to a preferred functional currency, such as EUR, USD, or CHF.
Once implemented, we support your accounting team in maintaining the accounts, compiling financial statements, and managing all related tasks in the chosen currency.
We offer payroll services for companies that require complete confidentiality of salaries or find it impractical to employ an in-house payroll team. This is particularly beneficial for:
Our payroll experts meet all legal requirements for handling payroll for companies with over 100 employees.
We handle full-scale payroll administration, allowing your company to focus on core business operations. Our services include:
Most clients who outsource their accounting with us also choose to use our payroll services.
For an estimate of employer wage costs, you can use our online salary calculator.
International businesses that do not wish to maintain a physical office in Hungary can outsource their registered office to us.
We can:
A registered office is a supplementary service available to clients outsourcing their accounting and reporting with us.
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