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Six-point Action Plan to Ease Finances in Hungary

Six-point Action Plan to Ease Finances in Hungary

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Minister of Finance, Mihály Varga announced in November 2020 a new, six-point action plan designed to make payments and navigating red tape easier and cheaper in Hungary, as follows:

  • Wherever there is an electronic cash register, electronic payments should be accepted with a measure that expands e-payments locations by 50,000-60,000 while reducing cash usage by tens of billions of forints.
  • E-banking services should be extended to simplify financial management for businesses and the general public.
  • Land registry procedures will be switched to digital as well, streamlining 130,000 cases a year.
  • Mandatory valuation of real estate could become free of charge as banks will have access to a central database for generic valuations. This could affect up to the third of the cases.
  • Notary procedures for real estate cases should be swifter.
  • New digital documentation system is being introduced in order to bolster security for the 6.5 million Hungarians with bank accounts.

The measures have only been announced on Facebook yet, detailed legislation is to be expected shortly.

By Balint Zsoldos, Head of Tax, KCG Partners Law Firm

Hungary Knowledge Partner

Nagy és Trócsányi was founded in 1991, turned into limited professional partnership (in Hungarian: ügyvédi iroda) in 1992, with the aim of offering sophisticated legal services. The firm continues to seek excellence in a comprehensive and modern practice, which spans international commercial and business law. 

The firm’s lawyers provide clients with advice and representation in an active, thoughtful and ethical manner, with a real understanding of clients‘ business needs and the markets in which they operate.

The firm is one of the largest home-grown independent law firms in Hungary. Currently Nagy és Trócsányi has 26 lawyers out of which there are 8 active partners. All partners are equity partners.

Nagy és Trócsányi is a legal entity and registered with the Budapest Bar Association. All lawyers of the Budapest office are either members of, or registered as clerks with, the Budapest Bar Association. Several of the firm’s lawyers are admitted attorneys or registered as legal consultants in New York.

The firm advises a broad range of clients, including numerous multinational corporations. 

Our activity focuses on the following practice areas: M&A, company law, litigation and dispute resolution, real estate law, banking and finance, project financing, insolvency and restructuring, venture capital investment, taxation, competition, utilities, energy, media and telecommunication.

Nagy és Trócsányi is the exclusive member firm in Hungary for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+countries worldwide.

The firm advises a broad range of clients, including numerous multinational corporations. Among our key clients are: OTP Bank, Sberbank, Erste Bank, Scania, KS ORKA, Mannvit, DAF Trucks, Booking.com, Museum of Fine Arts of Budapest, Hungarian Post Pte Ltd, Hiventures, Strabag, CPI Hungary, Givaudan, Marks & Spencer, CBA.

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