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Repealing Government Decree on the Different Application of Accounting

Hungary
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On 26 February 2024, the 34/2024 (II.26) decree on the different application of Act C of 2000 on Accounting during an emergency was published in the Hungarian Gazette, which repeals a decree issued a few days before, on 8 February.

According to the previous decree published on 8 February, all cash and in-kind benefits exceeding HUF 1 million without compensation during the financial year to civil society organisations carrying out activities of public interest in the fields of the environment, sport, health, social, cultural and educational activities should have been reported by the companies, also to whom (name, address, tax number) and what amount was given (recorded at book value). This would also have applied to company accounts submitted for the year 2023. The National Tax Authority (NAV) also warned entrepreneurs on the above, on the basis of the decree published on 8 February.

The decree published on 26 February overrides this, stating that the new reporting obligation shall apply to the financial year starting in 2024 instead as of the financial year 2023.

By Rozsa Rusvai-Darazs, Attorney at law, KCG Partners Law Firm

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