New accounting authority delayed to 2017

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A new supervising authority for accountants, auditors and tax consultants will come into effect from the beginning of next year, following a delay, daily newspaper Magyar Idők’s reported today.

This latest announcement signals a further delay in the introduction of the new oversight system, which the Hungarian government initially planned to launch in January, while the National Economy Ministry said in February that it would be introduced in July.

According to the initial announcement, the new system will establish rules for accreditation and the issuing of permits, help prevent VAT fraud at brokerages and uncover shortcomings. The Hungarian government also anticipates that the new authority will put an end to “unrealistic price competition”.

The Hungarian National Association of Tax Consultants and Accountants expressed opposition to the new system and claimed that it would increase bureaucracy, according to comments from organization head, László Zara, in February.

Currently, Hungary has approximately 55,000 registered accountants, according to Magyar Idők.

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