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Hungary: compulsory e-filing for annual financial statements

Hungary
07/05/2009
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From 1 May 2009, all companies must file their financial statements electronically.

The change affects all financial statements prepared under the Hungarian Accounting Act and is designed to cut red tape, speed up filing and standardise the publication process.

Companies were previously able to file financial statements electronically but many were deterred by the requirement for an electronic signature. Because it could take many months to process statements filed in paper form, information was often out of date by the time it was published, making it less useful and also less valuable.

The new changes simplify the electronic filing process:

  • there is no need to file financial statements in paper form
  • all filing is done electronically via the online company registration service on the relevant government website
  • there is an online registration process to ensure the person filing the financial statement can be identified
  • the company's authorised representative must sign all documents filed electronically to confirm their authenticity and undertake to accept liability for the accuracy of the data

All financial statements will now be available for public inspection free of charge on a specially-created website (www.e-beszamolo.irm.hu) by giving the company's name, registration number and tax number. There are no restrictions or registration requirements for viewing.

The new system ensures that key financial information is published sooner, giving better protection for creditors. It also presents the information in a better format, making it easier to compile statistics and reports from it.

Now that electronic filing is compulsory, defaulting companies also face more rigorous sanctions: failure to comply with a filing request once the statutory filing deadline has expired could lead to the suspension of their tax number and notice being given to the court of registration.

Laws: Act C of 2000 on Accounting; Act V on Company Registration

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