VAT Refund, Payment & Compliance Monitoring - VAT Scan 360°

VAT Tax Refund & Compliance Monitoring Made Easy

Validate your domestic deductible VAT from last year before the end of the year and ensure that all issued invoices have been fully declared and their VAT settled!

Did you know that there could be previously unseen invoices from suppliers from which you could still deduct VAT? Are you interested in checking the VAT compliance on the VAT payable side? With RSM’s VAT Scan 360°, not only can you identify amounts of deductible VAT, but you can also uncover invoices where VAT declaration or payment obligations have been overlooked.

RSM Hungary's Digitax Tax Technology Division utilizes the latest technologies to assist in maximising opportunities within the world of VAT.

Integrated Tax Technology Services – Introducing RSM VAT Scan 360°

RSM Hungary is offering a specialized service for analysing payable and reclaimable VAT (Value Added Tax). We use state-of-the-art digital tax compliance monitoring technology to identify issued invoices where VAT payment obligations have been missed or were not declared in the VAT return.  Additionally, it can reveal missed VAT reclaim opportunities regarding supplier invoices.

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What does our VAT Scan 360° Compliance service offer?

• VAT Payment Obligation Analysis:  We assess whether all issued invoices have had their VAT paid and/or declared.
• VAT Refund Opportunity Analysis: By analysing the invoice data available in the HU TA (Hungarian Tax Authority, a.k.a. NAV) online invoice system, we filter out already deducted invoices and analyse further invoice data reported by partners.
• Tax Transparency: A detailed report for proper VAT payment, declaration, and reclaim, categorized by invoice periods.
• Legal Compliance: We assist in exploiting VAT reclaim opportunities and in identifying and reporting missed issued invoices. With RSM's help, you can timely detect those invoices where the VAT payment was missed, thereby avoiding potential fines and legal consequences.
• VAT Deductibility Analysis: Our team reviews the eligibility for VAT reclaims and identifies invoices where this is limited or not possible.
• Self-revision: We prepare VAT self-revisions and the related domestic recapitulative statements (M sheets).
• Representation throughout Tax Audit & Inspection: Omissions in VAT payment obligations or VAT reclaims can lead to tax audits. Our team of experts is at your service to assist during any possible tax inspections.

Intrested in VAT Scan 360°?

Who can gain the most from using RSM’s VAT Scan 360° Services? 

From VAT Refund Opportunity Analysis:

• Regularly receive invoices from suppliers.
• Deal with multiple suppliers or have a large volume of supplier invoices.
• Are uncertain about validating all deductible VAT.
• Wish to simplify and automate the VAT reclaim process.

From VAT Payment Obligation Analysis:

• Regularly issue invoices to customers and collaborate with numerous partners.
• Want to ensure that you've fulfilled the VAT payment and/or declaration obligations for all issued invoices.
• Aim to detect invoices where VAT payments or declarations might have been missed, thereby avoiding potential penalties and legal consequences.
• Engage in transactions where VAT regulations might be complex.
• Want to pre-empt potential tax audits, ensuring all your invoices have been declared correctly and all VAT has been properly paid.
• Recently switched invoicing or enterprise resource planning systems and want to ensure that all transactions since the switch have been reported correctly.

Legal Considerations in VAT Reclaims and Payments

Taxpayers are obligated to exercise their right to tax deduction during the tax determination period, but no later than the end of the subsequent year. Missed opportunities can still be availed through self-revision within the limitation period. For instance, VAT deductible in 2022 must be claimed at the latest, by December 2023 or in the Q4 2023 VAT return without necessitating a self-revision. Prior periods can invoke the right to deduct through self-revision within the limitation period.

What does NAV (Hungarian Tax Authority) require in terms of VAT declarations & payments?

Experience indicates that the NAV expects Hungarian taxpayers to reconcile their books with tax returns (tax accounts) at least annually, including both incoming and outgoing items. Mismatches should be treated by carrying out self-revisions or RTIR corrections and communicating with suppliers, among other relevant methods. It's therefore essential to routinely check on the payer's side to ensure full VAT declaration and payment obligations have been met, to avoid any penalties and tax fines.

By leveraging RSM’s VAT Scan 360° service, you can easily prevent potential legal consequences and penalties, as well as optimize VAT reclaim opportunities.

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