Hungary | Real Time Reporting for all Hungarian VAT Payers

By |April 29th, 2020|

The Hungarian tax office has announced changes in the real time reporting (RTR) system that will take effect in two stages with the first stage commencing from 1 July 2020. Current obligations Under the current rules, which will continue up to 30 June 2020, businesses registered for VAT in Hungary [...]

Hungary | Implementation of the EU’s four ‘Quick Fixes’ for VAT

By |February 1st, 2020|

The Hungarian National Assembly adopted the draft bill to implement the EU’s ‘Quick Fixes’ into Hungarian VAT law. As a result - the changes to the Hungarian VAT act, partly incorporated as part of the summer tax package, are in effect from 1 January 2020. EU’s ‘Quick Fixes’ in Hungary [...]

Hungary I Plans to Cut VAT on Tourism Services in 2020

By |June 14th, 2019|

As part of its Economy Protection Action Package, the Hungarian Ministry of Finance has recently announced plans to reduce Hungary’s tax burden. The measures include slashing the VAT rate for tourist accommodation services to the reduced 5% VAT rate. These changes are anticipated to come into effect in 2020. The [...]

Hungary | Modifications to Real Time Reporting System Effective May 2019

By |May 3rd, 2019|

From 1st May 2019 the current specified XML format for transferring invoice data under Hungary’s Real Time Reporting System (RTR) will no longer be valid. Launched on 1st July 2018, the RTR requires that impacted invoices be reported electronically in real-time through the Online Invoice System, the Hungarian National Tax and Customs Administration’s [...]

Hungary | Changing TOMS Rules from 2020

By |March 26th, 2019|

Reseller Travellers Included, Single Position-Based VAT Calculation Excluded. The European VAT Directive enables Member States to apply a special margin scheme for travel agents (TOMS). However, there are slight differences in the rules and application of the special scheme across the EU. The Hungarian VAT Act defines TOMS as “travel [...]

Hungary | Introduces 50% Flat Rate on Input VAT Deduction for Leasing Passenger Cars from 2019

By |November 28th, 2018|

On 8th October 2018, Council Implementing Decision 2018/1493 was published authorising Hungary to introduce a special measure effective as of 1st January 2019, whereby the right to input VAT deductions for the leasing of passenger cars used for both business and personal use may be applied at a 50% flat [...]

Hungary | Increase to Small Enterprise Exemption Threshold from January 2019

By |November 10th, 2018|

On 2nd October 2018, the Council of Economic and Financial Affairs (ECOFIN) adopted Council Implementing Decision 10892/18.  This authorised Hungary to increase the small enterprise exemption threshold for established businesses to HUF 12 million from the current level of HUF 8 million.  This change is to have effect from 1st [...]

Hungary | Live Invoice Reporting System In The Offing

By |April 23rd, 2018|

Hungary’s eagerly awaited mandatory live invoice reporting system is set to launch on 1st July 2018. As of this date, invoices with a VAT value exceeding HUF 100,000 must be reported in real-time to the Hungarian tax authorities, via the Online Invoice System (the National Tax and Customs Administration’s e-invoicing [...]

Hungary | Proposal to start live reporting of invoice data in July 2018

By |July 28th, 2017|

For some time now several EU Member States have been studying the option of introducing live reporting as a means to improve compliance and tackle tax evasion with some of them actually taking significant steps in this direction. But it is the Eastern European Member States that have been at [...]

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