Hungary VAT thresholds, returns and anti-fraud measures
- 24 November 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
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.