Hungary imposes new VAT declaration

Companies registered for Hungarian VAT are now required to prepare an additional filing to their VAT return, detailing transactions above HUF 2,000,000.

The new measure, which came into force on 1 January 2013, requires a further recapitulative statement alongside the EU Sales List.The filing should list all Hungarian domestic sales or purchases at or above Hungarian Forint 2,000,000.  Details of the recipient/supplier must also be provided, including their Hungarian tax number.  Transactions with non-Hungarian businesses (non permanent establishment) are exempt – these dealings will be captured through the regular ECL.

The measure was introduced by the latest Hungarian VAT Act.

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