Company ownership in Hungary – The most important accounting deadlines

If you operate a Hungarian company, you will want to be aware of certain accounting deadlines when you should pay taxes and contributions. Luckily enough, you do not need to keep track of these yourself: your accountant will always remind you when a payment is due. You just have to make the payment on time.

What dues should I pay for my Hungarian company?

There are some regular expenses your company has to pay. Your accountant will always call your attention to these well in advance, so you have plenty of time to make the payment. However, these dues are not paid to your accountant but to the authorities. As a result, it is essential to pay on time in order to keep compliant with regulations.

Now let’s see the most common accounting deadlines

It might be best to distinguish company liabilities by frequency. Some payments are due once or twice a year, some every quarter, and some every month.

Once a year:

• The most basic fee is the chamber of commerce membership fee, which is paid annually. It is due by 31 March each year.
• Local business tax: 31 May.
• Annual corporate tax: 31 May.

Twice a year:

• Local business tax advance payments are due by 15 March and 15 September. These will later be deducted from the total local business tax (the due date of which is 31 May).

Quarterly OR monthly:

 Some taxes are due either quarterly or monthly, depending on the set-up and the revenue of your company.

• VAT (value added tax): if your company is obligated to submit a VAT report monthly the deadline for that is the 20^th of each month. If you submit the VAT report quarterly, payment will be due by the 20^th day of every third month starting from January: 20 January, 20 April, 20 July, and 20 October.
• Corporate tax advance is calculated based on the profit of the previous year. If you need to pay it monthly, the deadline for that is the 20^th of each month. If you pay corporate tax advance quarterly, payment will be due by the 20^th day of every third month starting from January: 20 January, 20 April, 20 July, and 20 October. The payments you make on these occasions reduce the sum you pay by 31 May, when you pay the actual annual corporate tax.

Quarterly:

• If your company owns a car, you will be required to pay vehicle tax. This is calculated based on the engine capacity and the environmental category of the car. It is to be submitted quarterly, by the 20^th day of every third month starting from January: 20 January, 20 April, 20 July, and 20 October.

Monthly:

• Social contributions are to be paid for everyone working for your company. Either you pay salary to employees or yourself, or you are paying minimum contributions as a managing director, these are to be paid by the 12^th day of each month.

Shifts in accounting deadlines

If a deadline is on a holiday – Saturday, Sunday, or any national holiday in Hungary – the deadline is shifted to the next working day.

Keep in mind

• Your accountant is there to help you keep tab on your income and expenses, and keep compliant with regulations.
• Your accountant can remind you to make payments, but cannot make payments for you.
• To ensure smooth company operation, make sure you always submit relevant data to your accountant and make payments to the authorities on time.

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