2021 brings significant eVAT developments in Hungary as an indication of the Hungarian tax administration being a pioneer in innovative tax administration measures.
As of January 2021, to better track business transactions and enhance VAT collection, Hungary introduced a widespread real-time invoice reporting obligation for Hungarian taxpayers. The new rules are controversial because they put an administrative burden on non-Hungarian web stores performing business-to-consumer (B2C) sales to Hungary by threatening them with a penalty starting from 1 April 2021. As another unique development in the region, the Hungarian tax administration will prepare draft VAT returns for Hungarian taxpayers from 1 July 2021.
Source Baker & McKenzie
Latest Posts in "Hungary"
- Hungary shares its perspective on the ViDA implementation
- Hungary Introduces New E-Cash Register and E-Receipt Rules with Real-Time Reporting and 10-Year Storage
- Hungary to Mandate Digital Receipt Reporting, Phasing Out Paper and Traditional Cash Registers by 2028
- Hungary Requires Digital Receipt Reporting for Businesses Without Cash Registers Starting September 2026
- Hungary Proposes Reverse-Charge VAT to Curb Fraud and Stabilise Fresh Produce Sector
