VAT refunds under European Court ruling likely to be under HUF 250bn, says tax office deputy

Banking

Hungary must refund about HUF 250bn to companies because the European Court of Justice found Hungarian VAT rules were incompatible with European Union law, but the actual amount is likely to be smaller because audits of the returns have been made a priority, a top tax office official said on Friday.

The staff of the National Tax and Customs Administration (NAV) is making audits of the claims for VAT refunds a priority, NAV deputy-head Arpad Varga told a conference of the Hungarian Economists Society.

Varga said the extra HUF 40bn in tax revenue the government expects this year as the result of more efficient tax collection can be brought in.

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