- Changes to Domestic Summary Reports: Starting in 2025, companies must report exact figures in their domestic summary reports (M-sheets) without rounding, facilitating better data accuracy for the Hungarian Tax Authority, which aligns with the overall goal of enhanced transparency in transactions.
- ViDA Package Implementation: The recently approved ViDA (VAT in the Digital Age) package introduces significant reforms, including standardized electronic invoicing, mandatory digital reporting for cross-border transactions, and a one-time VAT registration process to streamline compliance and reduce tax fraud across EU member states.
- Impact on Platform Economy and Reverse Charge Taxation: The reforms extend the one-stop-shop system to include the transfer of goods between member states and introduce a general reverse charge mechanism, simplifying VAT obligations for sellers not registered in the buyer’s country, while exempting certain small businesses and platforms from VAT payment responsibilities.
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