ECONOMIC MEASURES OF NOVEMBER 2020 WITH RESPECT TO MITIGATE THE EFFECTS OF CORONAVIRUS IN HUNGARY – SME INFO 2020-17

As from 2020 on, also with the intention of IFRS harmonization, project accounting and the method of accounting for sales revenue based on the completion degree of the project was introduced in the Hungarian Act on Accounting. This change can have significant effect on the annual report and the profit of companies meeting the criterias of applying project accounting (e.g. in the building industry).

Government Decree 485/2020 (XI.10.) on the actions necessary to mitigate the impact of the pandemic on the Hungarian economy introduced the following measures effective from 11 November 2020:

  • tax payment facilities for certain economic sectors
  • compensations related to accommodation services
  • wage subsidies

We reviewed the main elements of these measures in Process Solutions’ SME INFO Nr.2020-17.

 

The newsletter can be downloaded here in Hungarian .

 

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