The sales revenue of Andersen Adótanácsadó Zrt., a member of Andersen Hungary reached HUF 2.1 billion in 2022, which is almost 40 percent up on the previous year. This considerably exceeds the annual growth rate of 10-15 percent envisaged by the management. With this performance, the Budapest-based company further reinforced its position in the market of tax advisory services.
In 2022, despite the negative economic trends, Andersen Adótanácsadó Zrt. was able to substantially improve the impressive growth rates of the previous years. “There is considerable progress in all of our business lines and service areas. With the overall 40 percent growth in sales revenues, we are well above the market average. The last time we were able to jump this much was in 2016, when our base was just a third of the current size,” said Károly Radnai (CEO) about last year.
Outperforming business lines
It is worth underlining the service areas that performed above the 37 percent average. The tax allowances and state subsidies business lines top the list. It practically doubled its sales revenues compared to 2021. Andersen has made no secret of its ambition to break the dominance of the BIG4 in this area and provide the highest level of service in Hungary. There was also a massive growth in the areas of indirect tax (VAT, customs, product fees) and M&A advisory (restructuring, acquisitions and transaction tax planning), with the former generating 63 percent and the latter around 73 percent more sales revenues compared to the previous year.
Andersen’s tax services for the film industry deserve special attention, as they report growth of almost 50 percent. This business line had always been one of the best performing industry lines of Andersen and with this performance Andersen Adótanácsadó Zrt. has further reinforced its position as the market leader in tax advisory services to the film industry in Hungary.
ITR: Andersen was designated again Tax Advisor of the Year in Hungary in 2022
Alongside its business results, professional feedback and recognition also show a very positive picture of the quality of Andersen’s work and the services it provides. According to the assessment of the prestigious international tax magazine, the International Tax Review, Andersen Adótanácsadó Zrt. was the best performing Hungarian tax advisor again in 2022. For the second year in a row, the company has earned the highest professional accolade of the year, while also collecting the Indirect Tax Firm of the Year award.
Reaching out to Asian clients
Opening up to Far East markets has emerged as a new strategic element of Andersen’s medium-term plans. “The goal is first of all to approach those Asian businesses and large corporations which have operating investments, sites, manufacturing capacities or subsidiaries in Hungary, or are laying the groundwork for such investments. In this regard, we do not only intend to provide special services for our Far Eastern clients but we also develop our professional team continually”, outlined the plans Károly Radnai.
2023 remains a year of growth and expansion
Together with the Szabó, Kelemen & Partners Andersen Attorneys, Andersen Adótanácsadó Zrt. is a member of Andersen Hungary. The Budapest-based tax consultancy and law firm is currently the fifth largest player in the Hungarian market after the BIG4 companies. Andersen Hungary has over 100 employees at its clients’ disposal. In order to maintain the growth rate outlined in the business plan and to satisfy client needs, Andersen Adótanácsadó Zrt. will continue to expand its team of professionals in 2023.