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Sitemap – Hungary

Keeping the accounts – Hungary

Validation date: 12/09/2008

Legal requirements

In Hungary, accounting requirements and auditing are regulated by law, while a government decree was issued on special Hungarian accounting standards in line with international norms (including those of the European Union).

• Accounting Act
• Government Decree on Hungarian Accounting Standards

Reporting and bookkeeping obligations

In the case of companies that come under Act C of 2000 on Accounting, this law sets forth the reporting and bookkeeping obligations and the principles to be followed when compiling reports and keeping accounting records, the related regulations, as well as the requirements connected to publishing and disclosing reports, and auditing.

Many accounting companies operate in Hungary, which carry out the accounting, tax return and reporting tasks stipulated by law on a contract basis. In accordance with Government Decree 93/2002 (V. 5.), accounting and bookkeeping services may only be rendered by a qualified accountant who is listed in the register kept by the Ministry of Finance. The Hungarian Chamber of Auditors is considered the competent authority as regards the licensing of auditing activities.

• List on the Ministry of Finance website of those licensed to provide accounting services
• Website of the Hungarian Chamber of Auditors

Simplified enterprise tax

The accounting obligations of sole traders are not governed by the Act on Accounting but by Act CXVII of 1995 on Personal Income Tax. According to this special Hungarian procedure which is unique in the EU, companies registered for simplified enterprise tax are only obliged to keep simplified accounting records based on Act XLIII of 2002, with the aim of reducing their administrative workload.

Administrative procedures

Publishing annual reports

According to Article 154 of the Accounting Act, all companies keeping double-entry accounting records (including the Hungarian branch offices of foreign-registered companies) must publish their annual reports at the same time as filing them at the Court of Registration. The published annual report must present a reliable and true picture of the company's financial and income position as well as any changes thereto.

Company Information Service

By using the Company Information Service which operates as part of the Ministry of Justice and Law Enforcement, annual reports can be published and filed electronically. The data in annual reports are public and can be examined using the Company Information Service.

• Website of the department of the Ministry of Justice and Law Enforcement in charge of company information and electronic company procedures 

Programmes

The "In tune with business" programme is aimed at visibly cutting back the bureaucratic burden faced by companies so that they can use the resources freed up in this way to promote growth, investment, innovation and the creation of new jobs. Accordingly, as of January 1^st, 2008, the limit was raised for a mandatory audit. Companies do not need to be audited if their average annual net sales revenue in the two fiscal years prior to the current fiscal year did not exceed HUF 100 million and they employ fewer than fifty staff. This change is likely to ease the burden of approximately twenty-five thousand companies.

• Description of the "In tune with business" programme and related documents on the website of the Ministry of National Development and Economy

Personalised help and advice

The Enterprise Europe Network provides businesses with information and advice through its local partners.

• Enterprise Europe Network – contact points – Hungary

Legal texts

• Act C of 2000 on Accounting
• Act LXXV of 2007 on the Hungarian Chamber of Auditors, Auditing and the Public Supervision of Auditors
• Government Decree 202/2003 (XII. 10.) on Hungarian Accounting Standards, their Interpretation and Related Procedures
• Government Decree 93/2002 (V. 5.) on the Registration of Accounting Service Providers
• Act CXVII of 1995 on Personal Income Tax