EPR introduction in Hungary 1st July 2024 Hungary introduced an extended EPR obligation starting 1 July 2024. The country already had implemented EPF or green tax fee on those businesses first introducing packaging material, electronic equipment, battery cells, or chemical products in the Hungarian market. The main difference with the EPF is that fees are significantly higher, and […]
Mission Statement
„Our team of chartered accountants, payroll expert, lawyer and tax advisors, dedicated, international professionals wish to ensure that your business issues are accurate, reliable and timely information are obtained. We offer support for your business needs.”
When you are taking the first steps to establish a formal organization, need help as an entrepreneur or sole trader or looking for accountancy services, we can help you. We offer a range of services that can help you to provide a flexible solution to meet your accountancy needs, regardless how diverse your business is. With a transparent and reliable accounting process, clients can concentrate on its business activity.
What is tailored for you:
- On request one of our colleagues can visit you for taking over your accountancy materials.
- English language can be required every step of the process.
- Reports can be adopted to IFRS regulations or the form required by the mother company.
- You can access accountancy figures and can manage your accounts online. You can login to our secure website and access all of your Online Accounts records for your business. This is an extra service which is provided on demand. (AcCloud.hu)
Accounting and Bookkeeping services
Tax advising
Payroll services
Our Services
Accounting and Bookkeeping services
• Double-entry, general ledger book-keeping
• Preparation of annual balance sheets and P&L statements according to the Hungarian and European rules and standards (IFRS)
• Development of internal chart of accounts and accounting policy for clients
• Maintain ledger transactions
• Financial statements, balance-sheets
• Managing account payable, account receivable
Payroll services
• Payroll calculations
• Calculation of social insurance and health care contributions and pensions
• Calculation of unemployment contribution for each employee and the company
• Calculation of advances on personal income tax payable
• Record of payments and other necessary data
• Annual provision of data to tax and social security authorities
• Preparation of monthly reports
• Calculation of payments
• Registration data to the authorities
Tax advising
• Tax-consultation, management of tax matters
• Tax-planning, consultation on taxation matters
• Generating reports for tax authorities and providing financial reports to the management of the companies
• Monitoring and recording company’s incomes and expenses
• Managing all aspects of taxation including tax compliance, tax planning, gains policies
• Analyzing and monitoring all tax accounts
Legal services
• Establish companies according to the actual law
• Incorporation by electronic method
• Work and residence permits
• Prepare documents related to company dissolution
• Legal advisory
• Advisory at business activity
Transfer pricing
• Preparation of documentations
• Compliance review of the transfer pricing documentations prepared by our clients
• Assistance to the preparation of transfer pricing documentations
Personal Income Tax Return
General information
A private individual qualifies as an art performer if they perform one of the following professions in accordance with the Uniform Classification System of Professions published in the communication of the president of the Central Statistical Office no. 7/2010 (IV. 23.) regardless as to whether the private individual performs it individually (including the private entrepreneurship) or not: •Musician and singer out of the professions of 2724 Composer, musician, singer •2726 Actor, puppeteer, •Dancer out of the professions 2727 Dancer and choreographer, •2728 Circus and similar performer, and •3711 Supernumerary, crowd artist. You may choose this tax return form only if you have not been staying in Hungary for more than 183 days of any 12 month period and do not qualify as a domestic resident in accordance with the Act on Social Security and Private Pension Services and the Reserves of these Services. You do not have to file this tax return if the amount of your income received in your quality as an art performer has not exceeded 200,000 HUF in any 12 month period. However, if your income has exceeded that threshold you are obliged to file a return with the condition that your declaration and payment obligations of 15% personal income tax and 14% health care contribution relate to your entire income in the first instance, and the yet undeclared and unpaid parts in any of the following instances. You must file your return and pay your taxes before you leave Hungary, unless you fulfil your tax return obligations by representative in which case the deadline is 90 days after leaving the country. The income must be established by deducting 30% as costs from the earnings (earnings including the provided refund of costs and the quid pro quo of the provided accommodation). This income does not belong to the integrated tax base.
Taxpayer registration
Taxpayers shall fulfil their obligation to register with the tax authority prior to the commencement of pursuing their business activities on the territory of Hungary. As the tax number generated upon registration also serves as a VAT identification number, no separate registration is necessary in respect of VAT.
VIES VAT number validation
To respond to the needs expressed by several users, the Vies-on-the-Web system offers the facility of testing to development teams trying to: •Perform integration testing of their own applications; •Or to verify the availability of the VIES-on-the-Web application.
Both actions can be performed as follows:
For the interactive service: •in the field “VAT Number”, please input the following exact text “TESTVATNUMBER”; •Push “Verify”; •The reply to be received should be: “No, invalid VAT number”;
→ This reply means that the Service is available.
VAT obligations for foreigner marketer at markets and fairs in Hungary
The below summarized VAT obligations are for those marketers operators that arrive occasionally to Hungary with the purpose of selling their products in markets, fairs, exhibitions or similar events.
Obligation to register Sales of products performed by marketers in the territory of Hungary are considered under the VAT regulation1, i.e. the marketer should request a VAT number in Hungary2. Foreign operators can apply for a tax number at any of the county directorates, the Budapest Directorate or the Large Taxpayers Directorate of the National Tax and Customs Administration of Hungary and must do so prior to the first sale transaction they perform. The foreigner marketer should complete a fill in form for requesting a TAX number. If the marketer is a private individual, then he/she should properly fill in the main sheet of the form T1013 applied in the registering year, as well as sheets A01, A02 and F01. However, if the marketer is a business association, then should be properly fill in the main sheet of the form T2014 applied in the registering year, as well as sheets A01, A02 and F01. The foreign marketer will be allowed to sell legally in markets, fairs etc. only after receiving the proper tax registration number requested as above mentioned.
Links
- Monday - Friday: 8:00 AM to 5:00 PM
- Address: 1023 Budapest, Bécsi út 3-5. III. emelet 24.
- Mobile: (+36) 30 400 93 84
- Office: (+36) 1 336 15 46
- Fax: (+36) 1 336 15 46
- Email: a.rehling@tax-band.hu