VAT 2024 – Key Changes
We have summarised the Hungarian VAT changes for 2024 that businesses should be aware of in relation to VAT in 5+1 points.
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Director, Indirect Tax services
Dániel Sztankó has been the VAT expert of RSM Hungary Zrt., has supported the compliance of our fiscal representation team's clients in domestic and international VAT services since 2014. He was a manager at an international advisory network in Hungary specialising in VAT and indirect taxes from 2008 and then in Singapore from 2012, prior to which he had worked for a London based tax advisory firm. He began his professional career with the tax authority where he worked as a tax specialist in VAT for more than 5 years.
As an advisor to global market players, he has focused on the regulation and application of European, Asian and international value-added taxes and indirect taxes for more than a decade. He has acquired experience in a number of sectors, such as energy, telecommunication, technology, logistics, pharmaceuticals, financial services, and real estate, both in Hungary and abroad.
Beside consultations, Dániel is a regular lecturer of business and professional conferences focused on Hungarian VAT, online invoice reporting and EKAER legislation.
We have summarised the Hungarian VAT changes for 2024 that businesses should be aware of in relation to VAT in 5+1 points.
Read moreIn this blog, we will look at what a foreign event organiser needs to bear in mind when the event requires personal presence and takes place in Hungary. There are a number of factors to be considered in connection with a Hungarian event of a non-resident company, from the VAT registration and tax liability to the invoicing and declaration of transactions and the recovery of the VAT content of the costs incurred.
Read moreGovernment Decree No. 130/2023. (IV. 18.) issued on 18 April sets out new requirements for the Electronic Trade and Transport Control System (EKAER) and the obligation to provide security which apply to certain so-called sensitive goods. The new Hungarian EKAER requirements are temporary and are effective until 1 July 2023.
Read moreMany of our clients, mainly in the manufacturing and construction industries, face tax difficulties when they supply products or services to their customers involving assembly or installation work related to greenfield investments or expansion of manufacturing capacity. The VAT treatment of these transactions may be quite complex. One main reason for this is that based on the contractual or business context various types of transactions are conducted with different VAT implications.
Read moreIn our latest blog post on the specifics of permanent establishments, we have collected what foreign businesses should pay attention to from a tax perspective if they carry out permanent work in Hungary at fixed sites. The existence of a permanent establishment may require the establishment of a branch office or may give rise to VAT and/or corporate income tax liabilities. We will explain in detail what is meant by the so-called permanent establishment risk and what is meant by the concept of a fixed establishment for VAT purposes.
Read moreAre there significant costs reallocated within the company or group? As these also affect the company s VAT position, it is important to manage costs properly. Developing a proper practice with a view to the VAT is an important aspect from the start, however, VAT risks can still be reduced if the company chooses to change its cost reallocation methodology on the fly.
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