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Hungary VAT thresholds, returns and anti-fraud measures

  • Nov 25, 2014 | Richard Asquith

Hungary VAT thresholds, returns and anti-fraud measures

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
VP Global Indirect Tax Richard Asquith
Richard Asquith is the former VP Global Indirect Tax at Avalara