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Complex- IFRS tax consultancy
We offer our IFRS tax consultancy services primarily to companies that prepare their annual financial statements in accordance with IFRS, or plan to do so in the future.
We provide full assistance in the preparation and review of Hungarian corporate income tax, local business tax and other income tax returns for companies with primary IFRS accounting and for companies with primary Hungarian statutory accounting with conversion to IFRS.
As part of this:
- We will review the calculations of the annual corporate income tax, local business tax and other liabilities made available to us.
- We will check the trial balance provided and the analytics and source documents supporting each tax base adjustment (a sample review based on risk analysis, and a partial item-by-item review will be carried out as required).
- We will examine adjustments to pre-tax profit under the special provisions for taxpayers applying IFRS.
- We will identify any tax credits and tax base adjustments that may have been overlooked in the assessment.
- We will consider and verify the usability of carry forward losses from previous years in the light of previously filed corporate income tax returns or claims.
- We will examine the criteria of eligibility for tax credits, such as development tax incentive and investment tax incentive for energy efficiency;
- We will examine the amount of the tax credit that can still be claimed if the company has not made use of charitable contributions when the corporate income tax advances were due, or has not made full use of the tax credit.
Assistance in transition (notification, data reporting, tax filing, tax and tax advance minimum assessment (review or preparation))
- We will help businesses planning IFRS adoption to assess the potential tax risks in advance.
- We will review the comparable data under IFRS 1 First-time Adoption of International Financial Reporting Standards.
- We will check the correct tax advance minimum calculation at the taxpayer after transition to IFRS.
Deferred tax calculation, preparation of reports
- We will review or prepare, upon request, the calculation of deferred tax,
- We will review the calculations of the annual corporate income tax, local business tax and other liabilities made available to us.
- We will check the trial balance provided and the analytics and source documents supporting each tax base adjustment (a sample review based on risk analysis, and a partial item-by-item review will be carried out as required).
- We will examine the adjustments to pre-tax profit under the special provisions for taxpayers applying IFRS.
- We will review or prepare, upon request, the calculation of deferred tax.
In case of international companies, if the company is obliged to prepare transfer pricing documentation, we will review the transfer pricing report in terms of form and content, as well as check or prepare the calculation of the arm's length price between related parties. If required, we will participate in the preparation and verification of the master file, the local file and the benchmark analysis.
Please read about our comprehensive transfer pricing service here.
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