The automotive industry is characterised by increasing competition from one year to the next, which means that the most effective business plans and strategies in the sector also change constantly. The key to competitiveness and thereby to success belongs to companies who are at the cutting edge of innovation. An essential condition of the above is the recruitment and retention of highly trained and innovative employees. Consequently, companies are competing not only for the position of market leader, but also for finding and then keeping the best experts in the field. Furthermore, the East-Central European region, thanks to the lower additional labour costs, the well-trained workforce, and the outstanding growth potential, provides very attractive opportunities to foreign investors from the point of view of their business plans. Based on all these factors, the sector requires a complex approach and a high degree of competency.
By way of orderly employment conditions and a wide range of tax-free non-wage benefits, we can help you achieve the maximum level of employee satisfaction and loyalty, thereby assisting you in ensuring the long-term commitment and retention of your employees, as well as the optimisation of your business plans.
We are up to date in the fields of international accounting and tax advising and we continuously consult with the controller, tax advisers and other staff members of your parent company, as well as prepare reports at regular intervals to ensure continuous harmony between the domestic and the foreign accounting and taxation issues. In the framework of our expat service, we determine the social security and tax residency of your foreign employees, as well as prepare the relevant tax returns.
In case of a foreign owner, we review the business plan, identify any affiliated parties, examine the prices used in controlled transactions, and if necessary, we prepare transfer pricing documentation, and any tax corrections, including those necessary due to departure from arms’ length prices. In the framework of our efficient business planning and tax advising service, we explore and identify all tax incentives and tax optimisation options pertaining to the R&D area related to the continuous innovation, and also assist you in securing development-related subsidies and in the accounting and audits of grants received.
In case of a foreign parent company, it may be an expectation that their Hungarian subsidiaries perform their financial reporting obligations in accordance with the International Financial Reporting Standards (IFRS) instead of the Hungarian accounting rules. Our experienced team, including IFRS-certified auditors, provides continuous support in establishing and reviewing the accounting systems capable of generating the necessary data, as well as in the preparation of the IFRS-compliant financial statements and with other special problems, so that you can make your company and business plans more attractive to foreign investors also by way of transparent financial statements that are also easy to compare internationally.
Auditing and tax advisory services: