Founded in 1989, the International Tax Review (ITR), one of the world’s leading tax journals, has awarded Europe’s best tax advisory service companies for the 18th time. A jury of ITR’s editors and experts ranked the candidates’ performances in several categories based on the volume and complexity of the tasks they had completed during the period, the innovative nature of their implementation, and feedback from clients.
To win the ITR EMEA Tax Award 2022 / Hungary Tax Firm of the Year title, Andersen beat off competition from Deloitte, DLA Piper, Ernst & Young, and WTS.
This year, ITR judged Hungarian tax advisory firms in the top “Tax Firm of the Year” category and three others: transfer pricing, indirect taxation, and tax litigation. Andersen ranked among the best in all of them, a feat only matched by Deloitte. In Hungary, the jury also awarded the title of Hungary Indirect Tax Firm of the Year to the firm to Andersen.
ITR ranked the overall performance of Andersen’s offices in the top five in the field of indirect taxation (mainly VAT) at the European level. This demonstrates that Andersen’s Hungarian VAT advisory department is backed by a powerful international network that can offer clients the best solutions to cross-border VAT problems.
The ITR also recognized the outstanding work of Bence Barta, head of the firm’s VAT service line, by making him one of the seven European tax advisers nominated for the Indirect Tax Rising Star title in 2022. This is a considerable achievement, not least because this was the only category in which a Hungarian tax advisor was nominated at all out of the 76 candidates.
According to Károly Radnai, managing partner of Andersen in Hungary, the brand’s performance and success in Hungary are reflected not only in the business results of the past period but also in the number of nominations and professional awards it has received.
“Winning the most prestigious international award in the tax profession last year was not just a one-off flash in the pan. By being named the best Hungarian tax advisory firm by ITR for two consecutive years, we have proven that we are able to maintain this high level of professionalism in our work. In all segments of the tax advisory work, in all areas of expertise, we are a serious competitor to the biggest players, as the Indirect Tax Firm of the Year award confirms,” said Radnai.
Andersen in Hungary is the fifth largest player in the Hungarian consulting market. The Budapest-based tax advisory and law firm currently employs nearly 100 people. In 2021, it increased its revenues by 20%, well above the average annual growth target of 14-15% set by the company’s management. Andersen is catching up with the Big Four advisory firms faster than expected.
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This article was first published in the Budapest Business Journal print issue of September 23, 2022.
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