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Six-point Action Plan to Ease Finances in Hungary

Six-point Action Plan to Ease Finances in Hungary

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

KCG Partners at a Glance

KCG Partners is a Hungarian business law firm providing a comprehensive range of legal services to international and local clients seeking local knowledge and global perspective. The firm comprises business-minded lawyers with sector-specific expertise, creating value for clients by applying a problem-solving approach and delivering innovative solutions.

The firm has a wealth of knowledge in corporate law, M&A, projects and construction, energy, real estate, tax, employment, litigation, privacy and forensics, securitization, estate planning and capital markets.

To address clients’ regional and international concerns, the firm maintains active working relationships with other outstanding independent law firms in Central and Eastern Europe, whilst senior counsel Mr. Blaise Pásztory brings over 40 years’ of US capital market and fund management experience.

KCG Partners Law Firm is the result of the teamwork of passionate and talented lawyers guided by the same principles and sharing the same values: 

  • Our most valuable asset is our people. They are the engine of our business and the key to our success.
  • We push boundaries by looking for innovative solutions that can empower our clients to achieve greater results.
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  • We are driven by our vision to shape and lead the Hungarian legal market and become a first choice law firm in our practice areas.

Firm's website: http://www.kcgpartners.com