The Hungarian summer tax legislation package was recently introduced and a number of amendments regarding VAT were announced.
Tag - Hungary
The Hungarian Government has said that it will continue its policy of reducing rates of VAT on various foodstuffs in 2018 to boost domestic agriculture and reduce food prices.
Further to a previous article we are now able to bring you an update on the real-time data transmission of invoices being introduced in Hungary on July 1st 2018.
Hungary is currently under review with the European Commission regarding an infringement with Electronic Trade and Transport Control System (EKAER). Currently under EKAER, companies should provide detailed information on all EU sales or acquisitions including domestic sales if goods are transported by road. In the Commissions’ view, “this requirement infringes on the VAT Directive in that affects cross-border EU transactions and institutes administrative formalities related to border crossings.”
Further to our last article on this subject informing of the delay to real time invoice reporting until July 1st 2018, the Hungarian Ministry of National Economy has published further details.
The Hungarian Parliament has amended a number of tax laws and these were published on 19th June. The main VAT related amendments are as follows:
The National Assembly of Hungary adopted a law on May 16th 2017 to raise the country’s advertising tax rate from 5.3% to 7.5%. This is lower than the 9% rate which had originally been proposed...
Mihaly Varga, Minister of National Economy of Hungary, has stated in an interview with a local newspaper that the online invoice reporting will be postponed until 1 July 2018.
New legislation means that domestic recapitulative statements must be submitted for all invoices with a VAT content of HUF 100,000 or more instead of HUF 1 million which was the previous threshold...
The following changes will occur from the 1st of January 2017...
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