Press release
Legal aspects of transitioning to accounting in a foreign currency – VIDEO
When transitioning to a foreign currency, companies need to review their contracts first to check which currency is used and whether the contracts concluded in Hungarian forints can be amended. Dr. Tamás Felsmann, the tax law specialist of WTS Klient Hungary talks...
When the reason for termination is the employee’s job conduct
An employer needs to be very careful and exercise prudence when the reason for termination is an employee’s job conduct. A hasty decision that does not explore the circumstances, or not comprehensively enough, may lead to the conclusion during a potential lawsuit that...
Accounting aspects during transition of accounting to a foreign currency
As we highlighted when discussing the strategic aspects of a transition of accounting to a foreign currency, there are a number of issues to consider before a company decides to change the currency used for bookkeeping purposes. If the needs of the owners and...
WTS Klient Newsletter #24/2017
Our latest newsletter #24/2017 has now been released. In this edition we summarise our articles published this week: Common situations – when is VAT registration unavoidable? Mandatory country-by-country reporting – Hungary joins the ranks Should you have any...
Mandatory country-by-country reporting – Hungary joins the ranks
In our January 2017 newsletter we revealed that according to information from the Ministry for National Economy, Hungary would be joining the OECD convention on information exchange in accordance with the BEPS (base erosion and profit shifting) action plan, thus...
Accounting aspects of transitioning to accounting in a foreign currency – VIDEO
If the needs of the owners and management dovetail with the opportunities provided by law, and the decision is made to transition to a foreign currency for accounting, three key issues should be considered thoroughly before starting. What are these three key...
Common situations – when is VAT registration unavoidable?
If a foreign company takes part in a transaction that has a place of performance in Hungary from a tax perspective, this may create VAT registration liability in Hungary.
Strategic aspects of accounting in a foreign currency
It has been eight years since accounting in a currency other than the forint was made considerably easier for companies in Hungary. Except for credit institutions, practically any company can choose to keep its books and prepare accounts in euros, but now, accounting...
WTS Klient Newsletter #23/2017
Our latest newsletter #23/2017 has now been released. In this edition we summarise our articles published this week: Key areas of a financial due diligence Terminating employment during probation Should you have any questions regarding any of the news, please do not...
Terminating employment during probation
Parties to an employment contract can stipulate a probation period of up to three months from the start of the employment relationship – or up to six months in the case of a collective agreement. The probation period is designed so the employer can get to know the...
Strategic aspects of switching currencies – VIDEO
For eight years now, Hungarian companies have been able to switch relatively easily from the Hungarian forint to keeping their accounting records in a foreign currency, especially euros. But what does accounting in a foreign currency mean, and which companies stand to...
Key areas of a financial due diligence – Part 1
In my article on the need for a due diligence, I touched upon the fact that while a client can rely heavily on the preparedness and know-how of the experts involved in a financial due diligence, it is still up to the client to define the scope of work. I would like to...
WTS Klient Newsletter #22/2017
Our latest newsletter #22/2017 has now been released. In this edition we summarise our articles published this week: Tips when planning a voluntary liquidation Statutory audit: useful, or a necessary evil? Should you have any questions regarding any of the news,...
Statutory audit: useful, or a necessary evil?
Most owners and managing directors still tend to consider audits as a necessary evil. Yet there are many benefits to having an auditor or an audit, alongside the associated burdens of course. How do we benefit if our company is subject to a statutory audit? Apart from...
Tips when planning a voluntary liquidation
Companies winding up their activities voluntarily in a solvent liquidation are well-advised to review the accounting and taxation implications of the liquidation before the owner makes this decision, to ensure that the closing down of the company is properly prepared...
