Hungary VAT thresholds, returns and anti-fraud measures
- Nov 24, 2014 | Richard Asquith
The parliament passed a range of Hungarian VAT measures. The highlights include:
- The creation of a new recording system for recording the movement of any goods subject to road Toll. The aim is to try and help minimse the level of extensive VAT fraud in Hungary.
- The tax authorities are now permitted to give a binding VAT ruling on the allocation of input VAT within the existing, broader tax ruling regime.
- The threshold for the value of invoices to be included within the domestic EC Sales List / Recapitulative Statement has been reduced to HUF 1m
- Annual VAT returns are being replaced by quarterly VAT returns for companies with taxable supplies above HUF 50m in the second year of trading.
- Newly incorporated resident tax payers must submit monthly VAT returns for at least the first 12 months