Ministry confirms plan for tax sector watchdog

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Hungary’s National Economy Ministry confirmed reports that it is planning to establish a new oversight authority for accountants, tax consultants and auditors, the ministry announced yesterday, according to Hungarian news agency MTI.

The ministry said that regulations governing the authority would be set with the involvement of representatives of the affected financial institutions, MTI reported.

The ministry expects the new authority to show that confidence in the sector has been restored, according to MTI. The ministry added that the new watchdog will have the power to draft regulations that support the enforcement of decrees.

According to earlier reports, the chief role of the planned authority would be to prevent VAT fraud and fraud at brokerages, while it would be responsible for establishing rules for accreditation and issuing operating permits and also uncovering shortcomings. The government also expects the new authority to end “unrealistic price competition”, according to reports.

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