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Business leaders beware: millions of forints are at stake if you don't know your tax options!

Business leaders beware: millions of forints are at stake if you don't know your tax options!

The deadline for the 2023 accounts has arrived. Businesses with a normal financial year (1st January to 31st December) must prepare their accounts and declare their corporation tax on their 2023 profits by 31st May 2024. The experience is that one in two companies do not take advantage of the tax base reduction and tax reliefs they are legally entitled to, and this can be a serious waste of money in today's economic environment," says Csaba Szabó, Accounting and Tax Director of ICT Europa Finance Zrt.

 

4 minutes read

2024 tax changes every CEO should know

2024 tax changes every CEO should know

The legislative environment for tax and taxation will not remain unchanged in 2024. In many cases, lawmakers have integrated regulations into laws, in others they have amended them.


In this article, we will try to take stock of the more significant changes, mainly for information purposes.


4 minutes of reading

Cash-Flow optimalisation: The key to growing your business

Cash-Flow optimalisation: The key to growing your business

For businesses, cash flow is the lifeline. A healthy cash flow not only helps finance day-to-day business operations, but also provides opportunities for growth and development. In this blog post, we will show you how to effectively optimise cash flow to help your business grow.

3 minute read

Self-costing: the invisible engine of a successful business strategy!

Self-costing: the invisible engine of a successful business strategy!

In the current challenging macroeconomic environment with high inflation, how businesses can remain competitive and successful in the market has become a key issue. In this article, we aim to provide guidance to the domestic SME sector on how they can increase their profitability by establishing and maintaining appropriate cost accounting.

3-minute read

The big dilemma: Mid-year or year-end change of accountants?

The big dilemma: Mid-year or year-end change of accountants?

There is a time in the life of a business when it is likely to be forced to change its accounting service provider. The reasons for this can vary, such as a lack of quality, a lack of proactivity, or the fact that the business has outgrown its current accountant and needs a more complex service provider. In all cases, the question arises as to when would be the best time to change. We would like to help you with this question and dispel some stereotypes.

5+1 reasons to consider changing your accountant!

5+1 reasons to consider changing your accountant!

You should consider changing accountants depending on a number of circumstances. Here are some typical situations when you might want to consider changing accountants:

An important deadline is approaching: fines, liquidation and a ban can be imposed if a company fails to submit its accounts on time.

An important deadline is approaching: fines, liquidation and a ban can be imposed if a company fails to submit its accounts on time.

According to the Accounting Act and the Act on Company Disclosure, all double-entry bookkeeping companies are obliged to publish their financial statements and the resolution on the appropriation of taxable profit prepared in accordance with the Accounting Act - including the auditor's opinion if they are subject to an audit - by the last day of the 5th month following the balance sheet date of the financial year. It is important to be aware of the consequences of a company failing to comply with this obligation. The consequences should also apply if the accounts are submitted by a person who is not entitled to do so," says Csaba Szabó, professional director of the accounting department of ICT Europa Finance Zrt.

Companies are missing out on discounts worth millions!

Companies are missing out on discounts worth millions!

The final stretch of the 2022 accounts has arrived. Businesses with a normal financial year (1 January to 31 December) must prepare their accounts and declare their corporation tax on their 2022 profits by 31 May 2023. Experience shows that almost every second company fails to take advantage of the tax base reduction and tax relief opportunities available to them, which in today's economic environment can be a serious waste of money," says Csaba Szabó, Professional Director of ICT Europa Finance Zrt.

2-min read

You can apply for the Baross Gábor Restart Loan Programme!

You can apply for the Baross Gábor Restart Loan Programme!

The Baross Gábor Restart Loan Programme is a Hungarian government support programme set up to mitigate the economic impact of the COVID-19 epidemic.

2-min read

These companies may be partially or fully exempt from transfer pricing documentation!

These companies may be partially or fully exempt from transfer pricing documentation!

There have been significant changes in transfer pricing in the past year. Previously, it was still mandatory to keep records above certain thresholds, but from 2022, companies subject to the obligation will be required to include the most important information from the documentation prepared in the corporate tax return (ATP-01 and ATP-KV). If a company fails to do so and is found to be non-compliant during an official audit, it could face fines of up to several million euros per transaction. It is also important to know who is exempt and which transactions are partially exempt from transfer pricing documentation," says Csaba Szabó, Professional Director of ICT Europa Finance Zrt.

3-min read



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About Us

ICT Europa Finance Inc. is not just an enterprise, it is a Hungarian-owned administration service group where we have set up an excellent quality service portfolio in related fields: tax consulting, accounting, auditing, legal services and IT system operation. Our human resources, our expert background is formed by specialists who are at the top of their fields and who fully identify with our principles.

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