ITR: Andersen is once again the Tax Firm of the Year in Hungary

Budapest, 16 September 2022According to the assessment of the prestigious international tax magazine, the International Tax Review, Andersen was the best performing Hungarian tax advisor again this year. For the second year in a row, the firm has earned the highest professional accolade of the year, while also collecting the Indirect Tax Firm of the Year award.

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’ performance 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.

This year, ITR has ranked Hungarian tax advisory firms in four categories, i.e. in addition to the top “Tax Firm of the Year”, in three other categories (transfer pricing, VAT and tax litigation adviser). Andersen was among the best in all of them, which, aside from Andersen, only Deloitte managed to achieve. It is a great recognition that in Hungary, the jury also awarded the title of Hungary Indirect Tax Firm of the Year to Andersen, meaning it won two of the four awards.

In this context, it is important to highlight that ITR ranked the overall performance of Andersen’s offices among the top five in the field of indirect taxation (mainly VAT) at a European level. This demonstrates that Andersen’s Hungarian VAT advisory department is backed by a very strong international network that is able to offer clients the best solutions to cross-border VAT problems.

ITR also recognised the outstanding work of Bence Barta, head of the firm’s VAT service, by making him one of the seven European tax advisers nominated for the title of Indirect Tax Rising Star in 2022. This is a huge achievement, especially in light of the fact that this is 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 is 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 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 Károly Radnai.

Andersen 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 percent, well above the average annual growth target of 14-15 percent set by the company’s management. At this pace, Andersen is catching up with the BIG4 faster than expected.

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