Hungarian 2015 VAT updates
- 8 January 2015 | Richard Asquith
The following measures were introduced to the Hungarian VAT regime from the start of 2015:
- The domestic reverse charge has been introduced for steel products. This is under the EU’s Quick Response Mechanism which enables member states to introduce the reverse charge in a limited number of sectors where they suspect fraud.
- Companies registering for Hungarian VAT will be required to submit monthly returns for the initial two years.
- The threshold for the domestic recapitulative statement is now for invoices above 1million. The statement, effectively a domestic Intrastat showing all sales and purchases concluded with Hungarian VAT registered businesses, is required alongside the VAT return.
- A new road freight transport tracking system, EKAER, has been introduced. This requires movements of goods by road from or to other EU member states to be reported, including details of products and values.
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.