- Hungarian Tax Authority (HTA) introduced new electronic VAT system, eVAT (eÁFA), on 1 January 2024
- eVAT offers electronic services to streamline and automate VAT returns preparation
- eVAT aims to simplify compliance, reduce administrative burdens, and enhance accuracy in VAT reporting
- Introduction of machine-to-machine (M2M) functions signals new era in Hungarian VAT compliance
- M2M functions allow automated, direct submission of VAT analytics to HTA
- Electronic VAT compliance will enhance reporting process and contribute to HTA’s automated risk analysis
- Setting up M2M link requires complex tax advisory tasks and IT development
- VAT professionals play vital role in ensuring compatibility with M2M framework data formats
- New M2M mechanism is not mandatory but has significant interest among Hungarian taxpayers
- Expected to attract interest from other EU Member States as digital VAT compliance gains international prominence
Source: ecovis.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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