Andersen increases revenues despite the unfavourable economic environment

The sales revenue of Andersen Adótanácsadó Zrt., a member of Andersen Hungary, was close to HUF 2.5 billion in 2023, which is nearly 16 percent higher than the previous year’s results. By outperforming the growth rate targeted by management, the Budapest-based company has further reinforced its position on the tax advisory services market.

In 2023, despite unfavourable external conditions and negative economic trends, Andersen Adótanácsadó Zrt. was able to maintain the impressive growth rate of the previous years.

“There is considerable progress in almost all of our business lines and service areas. There are only two exceptions to this: taxation services for the film industry and consultancy regarding state aids. In the former case, performance was hindered by months of strikes by Hollywood screenwriters and actors and by the withholding and suspension of EU funds in the latter. Despite this, the overall picture is very positive as we have exceeded our preliminary plans with a 16 percent growth rate,” said Károly Radnai, CEO of the company.

Top performing business lines

Indirect taxes (VAT, customs, product taxes) and transaction advisory services (restructuring, acquisitions and transaction tax planning) are the top performing business lines. The former generated 33 percent and the latter around 20 percent higher sales revenues compared to the previous year. Additionally, performance in the energy sector tax advisory services was above average, partly due to special taxes on operators and new tax legislation, as well as the innovative tax solutions developed by the firm. It is worth noting the wealth planning services provided by Andersen (generation change, corporate restructuring, succession, etc.), which has become a separate business line in terms of number and weight of engagements performed in 2023.

The first operable eVAT software on the market

A software product developed last year (with the related consultancy) has appeared as a new feature in the company’s range of services, supporting the usage of the electronic VAT system (eVAT) launched on 1 January 2024. Taxatron, a joint development by Andersen and Ramasoft, is the first operable device on the market to provide a reliable solution for preparing and submitting eVAT returns via machine-to-machine (M2M) connection.

“In addition to making the VAT return process faster and more precise for firms, the significance of the system launched at the beginning of the year is that within a few years, all corporate tax types, including corporate tax and local business tax, can or must be declared in this way within a few years. The system is operating based on the SAF-T (Standard Audit File for Tax) standard developed by the OECD, which defines data supply in the xml data format developed for the description and transfer of tax-related, digitalised accounting data. The eVAT system is the first domestic application of this modern tax return technology, which has been recently implemented in several European countries. Taxatron, developed jointly by Andersen and Ramasoft, is a tool that enables taxpayers to benefit from the new system now,” said Károly Radnai.

ITR: In 2023, Andersen has yet again been chosen as Tax Advisor of the Year in Hungary.

Apart from its business results, professional feedback and recognition also present a very positive picture of the quality of the firm’s work and the services it provides. According to the assessment of prestigious international tax magazine, the International Tax Review, Andersen Adótanácsadó Zrt. has again been chosen as the top performing Hungarian tax advisor in 2023. For the third year in a row, the company has earned the highest professional accolade of the year, while also earning the “VAT Advisor of the Year” award for the second year in a row.

2024 remains a year of growth and expansion

Together with the Szabó, Kelemen & Partners Andersen Law Firm, Andersen Adótanácsadó Zrt. is a member of Andersen Hungary. Andersen Hungary has over 100 employees at its clients’ disposal. In order to maintain the growth rate outlined in its business plan and satisfy client needs, Andersen Adótanácsadó Zrt. will continue to expand its team of professionals in 2024.