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