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Authorities refund VAT on irrevocable claims

VAT paid after irrevocable debts will be refunded in Hungary, news portal index.hu reports.

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Based on a fresh decision inspired by an Italian and a Hungarian procedure in the European Union, the National Tax and Customs Administration (NAV) of Hungary is now obliged to reimburse VAT for sellers on their claims clearly stated as uncollectible.

It is important to note that transactions prior to the end of 2014 must be submitted for refund before the end of this year due to statute of limitations, index.hu reports.