Deloitte Hungary appoints German auditor to lead German Desk

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Professional services firm Deloitte Hungary has appointed German national Manfred Siebke as director and head of the company’s German Desk, according to a press release received by the Budapest Business Journal.

Deloitte says it is planning to enhance its role in advisory services for Austrian, German, and Swiss companies through the appointment. The press release noted that companies from those three countries hold investments of more than EUR 32 billion in Hungary.

Siebke joined Deloitte Hungary in April, having previously held a leadership position in the finance department of a French pharmaceutical company. He also has several years of experience as a Big Four auditor in Düsseldorf and Prague. The newly appointed director is a member of the German Chamber of Auditors and Chamber of Tax Advisors.

“As an investor or manager, there is a wide range of challenges in business which might need external support,” said Siebke. “For example, accounting topics such as the option to prepare local financial statements according to IFRS, new tax-related obligations such as real-time VAT reporting, but also operational issues such as the ongoing need to drive efficiency.”

“As one of the leading professional firms, we do have answers to those challenges,” he added. “Our objective at the German Desk is to provide 360-degree solutions as a single point of contact; a trusted advisor who is able to consider our clients’ needs and accompany them through the whole process.”

According to the press release, Germany is the biggest direct investor in Hungary, with EUR 20.1 bln of net investment, representing 26.7% of total foreign investment in the country. Austria represents 9.9% of the total, with Switzerland representing 6.4%.

“In comparison to the environment in Germany, Austria and Switzerland, there are still sizeable advantages in respect of labor costs, taxation and potential subsidies, but management and owners also need to be aware of the risks, like frequent changes in regulations, and an increasing shortage of qualified workforce,” stressed Siebke.

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