Deloitte Hungary headlines

Deloitte achieves 6th year of double-digit revenue growth

zhailemariam@deloitteCE.com (zhailemariam@deloitteCE.com) — Fri, 01 Aug 2008 15:51:17 GMT

Deloitte Touche Tohmatsu ('Deloitte') today announced that fiscal year 2008 aggregate member firm revenue increased by 18.6 percent in U.S. dollars, and 13.0 percent in local currencies, to US$27.4 billion. This marks Deloitte's sixth consecutive year of U.S. dollar double-digit revenue growth from continuing operations. Every service line and every geographic region delivered strong growth. Deloitte aggregate revenues were US$23.1 billion in FY2007. Deloitte Hungary also achieved double digit growth in the past business year.

10 most typical pitfalls of EU tenders in the SME sector

zhailemariam@deloittece.com (zhailemariam@deloittece.com) — Mon, 28 Jul 2008 09:36:49 GMT

Small and medium-sized businesses, often in need of capital, are not losing their enthusiasm for applications, which is explained by the fact that in the period up to 2013, players of the SME sector may receive aid in an estimated value of HUF 1,200-1,300 billion from various EU (co)financing programmes. Several enterprises have already assessed application possibilities and are currently in the project planning phase. However, for successful and sustainable projects companies should be familiar with the pitfalls of the application system, since there is a heavy price to pay for errors deriving from deficient planning or carelessness - the Deloitte expert pointed out.

A costly and risky choice in the bank industry

zhailemariam@deloittece.com (zhailemariam@deloittece.com) — Mon, 28 Jul 2008 09:34:59 GMT

Even though experts often compare the complexity of the process to an open heart operation or an engine change in a speeding car, an increasing number of large banks in the world decides not to postpone the replacement of the core system any longer. In relation to the change market players expect increased capacity, lower costs and first of all a more flexible provision of new banking services.

Tax Alert (July 4, 2008)

zhailemariam@deloittece.com (zhailemariam@deloittece.com) — Wed, 16 Jul 2008 17:13:35 GMT

We kindly present you the latest Tax Alert, which deals with the Masterfile and other centrally prepared TP documentation.

Reducing administrative burdens by a centrally prepared transfer pricing documentation

zhailemariam@deloittece.com (zhailemariam@deloittece.com) — Wed, 09 Jul 2008 17:08:17 GMT

For most companies, the last day of May was not only the deadline for filing tax returns but also for meeting their transfer pricing documentation obligation. Deloitte's experience suggests that more and more Hungarian companies wish to comply with their obligation to prepare transfer pricing documentations by using documentations prepared centrally by their foreign parent company that are often prepared pursuant to the so-called Master File concept. When applying the concept in Hungary, enterprises should also bear in mind the domestic regulations that tend to be extremely severe when compared to the rest of the EU - warns Deloitte.

Food retailers and manufacturers face a dilemma as food prices continue to rise

zhailemariam@deloittece.com (zhailemariam@deloittece.com) — Fri, 04 Jul 2008 12:18:55 GMT

As higher commodity prices become 'the new normal' rather than a temporary peak, we may see a greater impact on consumer behaviour and retailer and supplier strategies than has been apparent so far, according to a new report, 'Food and Beverage 2012 - a taste of things to come', from Deloitte Touche Tohmatsu. While current food commodity prices may come down from their current peaks, the rises already seen in the real cost of food represent a permanent step change. With consumers also being impacted by higher energy costs, economic uncertainty and a reduction in the availability of cheap credit, the effect could be significant.

Manufacturers feel the heat over emerging market sourcing

zhailemariam@deloittece.com (zhailemariam@deloittece.com) — Fri, 27 Jun 2008 11:59:34 GMT

Heightened publicity over product recalls has made product safety, as well as product quality and environmental standards, in emerging markets a hot-button issue. According to a new 'Innovation in Emerging Markets' annual study by the Deloitte Touche Tohmatsu ('Deloitte') Global Manufacturing Industry Group, boards of directors, senior management, and investors of global manufacturers across industry sectors are sitting up and taking notice. Roughly two-thirds or more of both developed market and emerging market executives surveyed by Deloitte said that over the last 12 months these issues had become more important when global companies choose emerging market suppliers. As a result, manufacturers are taking additional steps to address the risks.

Deloitte warns of 10 pitfalls of EU tenders

zhailemariam@deloittece.com (zhailemariam@deloittece.com) — Tue, 24 Jun 2008 08:46:01 GMT

It is the shared interest of both the issuers of EU tenders and the applicants to use all potential resources with maximum efficiency. Deloitte experts, however, drew attention to the fact that a good application was not enough for success. Detailed and comprehensive planning was required, since even well prepared applications might be rejected due to a few minor mistakes. Furthermore, problems may show up years after spending the grants.

Private Equity - Proceeding with caution

zhailemariam@deloittece.com (zhailemariam@deloittece.com) — Fri, 20 Jun 2008 14:23:17 GMT

In line with the global sentiment in the private equity industry, the confidence of private equity professionals in Central Europe has fallen recently, something that is reflected in the Deloitte Central Europe Private Equity Confidence Survey.

Tax Alert (June 5, 2008)

zhailemariam@deloitteCE.com (zhailemariam@deloitteCE.com) — Wed, 18 Jun 2008 15:15:25 GMT

We kindly present you the latest Tax Alert, which summarizes the results of the survey conducted at our latest seminar.

Tax Alert (June 2, 2008)

zhailemariam@deloitteCE.com (zhailemariam@deloitteCE.com) — Wed, 18 Jun 2008 15:14:39 GMT

We kindly present you the latest Tax Alert, which deals with the R&D and other grants opportunities.

Dóra Markovits HR head of Deloitte's Budapest office

zhailemariam@deloitteCE.com (zhailemariam@deloitteCE.com) — Wed, 18 Jun 2008 15:13:18 GMT

A new leader has taken over the management of the HR Department at Deloitte Hungary recently. Dóra Markovits arrived at Deloitte from Xerox, where she had worked for eleven years in the field of human resources. In this position Ms. Markovits is replacing Katalin Holló, who will from now on assist the regional management in strategic HR projects.

Impact Day - for the fourth time

zhailemariam@deloittece.com (zhailemariam@deloittece.com) — Wed, 18 Jun 2008 15:11:47 GMT

On 6 June, for the fourth time this year, almost 200 Deloitte employees spent a whole day outside the office, doing volunteer work. On Impact Day suits were replaced by heavy-duty clothing, and the Deloitte working teams were plunged in work repainting chairs in schools, creating sand-boxes and teaching special classes to children at six locations.

Transfer prices

zhailemariam@deloitteCE.com (zhailemariam@deloitteCE.com) — Wed, 18 Jun 2008 15:08:09 GMT

Deloitte conducted a survey about transfer pricing with the involvement of approximately 90 companies. The aim of the survey is to find out whether domestic enterprises are adequately prepared for transfer pricing audits, whose importance has recently increased in APEH's audit practices, and whether they are aware of the requirements regarding the form and content of the special transfer pricing documentation. According to three quarters of the respondents the most important tax risks facing companies are related to transfer pricing.

István Veszprémi, a new partner at Deloitte Hungary

zhailemariam@deloitteCE.com (zhailemariam@deloitteCE.com) — Wed, 18 Jun 2008 15:06:56 GMT

As of 1 June 2008 István Veszprémi, Deloitte's tax expert, continues his work as a partner at the company.

European football market grows by Euro1 billion in 2007

zhailemariam@deloitteCE.com (zhailemariam@deloitteCE.com) — Thu, 29 May 2008 16:43:24 GMT

Revenues for the 'big five' European football leagues (English Premier League, German Bundesliga, Spanish Primera Liga, French Ligue 1 and Italian Serie A) have exceeded Euro7 billion for the first time according to the 2008 Annual Review of Football Finance. The overall size of the European football market has grown to Euro13.6 billion in 2006/07, up Euro1 billion from the previous season.