LeitnerLeitner primarily focuses on national
and international tax advisory, accounting and payroll, statutory and merger audit,
and financial advisory services such as M&A and DD assistance to Hungarian subsidiaries
and branches of international companies. Thus we are the first to meet the intension
of a business foundation or the launch of foreign companies in Hungary. Our recent
experiences truly reflect a notable growth in starting or expanding business in
the country. Many contact us with an interest in new investments, mergers and
acquisitions; they ask us to support them in the due diligence of their targets,
their accounting and tax integration and also to help maximize the tax
incentives available for their business.
We expect growing interest regarding
the introduction of corporate group taxation in Hungary, as the potential
offset of losses and profits, the share of tax allowance advantages together
with simplification of transfer pricing documentation amongst the domestic
members of a corporate group provides additional value and competitiveness for
the group. However, the decision about entering into a corporate tax group requires
careful planning and preparation, which is worth starting immediately after the
adoption of the new law. According to the plans, the adoption of group taxation
for 2019 should be announced by January 15, 2019.
Another noticeable investment tendency
among companies already operating in Hungary is the increasing number of firms that
plan for the long-term and intend to create the safe and proper conditions for stable
operations here. They pay more attention to transfer pricing, for example, requiring
the revision, actualization, and renewal of their transfer pricing
documentations – which is also in line with the increasing new requirements on
this field. They are also interested in a health check of their general
taxation practice or of a specific tax type, that provides perfect safety and
preparation for extending digital and immediate tax audits.
LeitnerLeitner has formerly
concentrated on these fields as a specialist; however, the actual advanced
level of digitalization brings into life new market requests and client needs.
To look into another area: today it
is surely not enough to simply record the accounting bills and invoices only; this should be combined with
additional support services providing an advanced solution to the everyday problems
of clients. Automatic data transfers and processing make it possible to
complete the core accounting tasks quicker and to use the remaining time to
analyze data and help decision making by the client. We could also mention IFSR-based
bookkeeping, and accounting in EUR or USD as general expectations from a modern
and professional accounting company such as LeitnerLeitner.
Beyond the statutory audit defined
by law, the need is increasing for special financial advisory services too,
such as the audit of corporate transformations (mergers, de-mergers) and consolidations.
We also regularly step in as coordinating body for complex M&A
transactions.
In order to meet the expectations of
our clients, LeitnerLeitner continuously invests in new solutions and in the knowledge
development of our colleagues; we participate in many seminars and training
events, either as participants or lecturers, domestic and abroad.
We also look at our regularly
updated blogs in three different languages, English, Hungarian and German, as
an investment that reflects our dedication to raising the business and taxation
cultures. As is suggested by the title of our blog – ”Surprisingly Simple About
Taxation” – we take on the role of an interpreter between entrepreneurs and the
extensive tax legislation.
Finally, I would like to mention our
latest investment: the opening of our new office in Kecskemét. By this step, we
can bring the already accustomed high quality professional services and
proactivity closer to our clients in the south and southeast of Hungary. Even though,
nowadays one could solve deals without personal connections, we believe that really
strong trust can only be based on personal connections. And this is one of our
investments too.
