- EU Council Extension of Reverse Charge Mechanism: The European Council has extended the reverse charge mechanism for VAT during liquidation or insolvency proceedings in Hungary until December 31, 2026. This aims to combat VAT fraud by making the purchasing taxpayer liable for VAT, thus improving tax revenue for the Hungarian authorities.
- Czech Republic VAT Changes: The Czech government has announced changes to VAT regulations, including a reduced VAT deduction period from three to two years, an increased threshold for quarterly VAT returns, and updated Intrastat reporting guidelines. Non-EU businesses must also appoint a “Representative for Delivery” for compliance.
- International VAT Developments: Key updates from various countries include Saudi Arabia’s extension of its tax amnesty initiative until June 30, 2025, Turkey’s increase in the simplified invoice threshold to TRY 9,900, and Vietnam’s new VAT and import duty requirements for low-value imported goods effective February 18, 2025.
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