ADVERTISEMENT

Hungary and neighbors discuss reverse VAT implementation

Analysis

Hungary, along with Czech Republic, Slovakia, Bulgaria and Austria, are urging joint legislation against VAT evasion, including making the use of reverse VAT a more common practice, National Economy Minister Mihály Varga told MTI yesterday.

Following a meeting with his peers from the four countries, Varga said that they all face the same concerns of carousel fraud and missing trader fraud used to bypass VAT payments. In Hungary, carousel fraud is estimated to rob the state of anywhere between €1.5-2 bln, he added.

The aim of the meeting was to coordinate the joint implantation of reverse VAT – the practice of obligating the buyer and not the seller, of goods to pay VAT – to certain groups of products, he said. Coordinating the use of reverse VAT in Central Europe would make the crackdown on VAT fraud far more efficient, he added. Other countries are also expected to join the initiative.

Moody's Assigns A1 Ratings to MBH Mortgage Bank Covered Bond... Ratings

Moody's Assigns A1 Ratings to MBH Mortgage Bank Covered Bond...

EU's New Biometric Entry System Postponed Until November EU

EU's New Biometric Entry System Postponed Until November

Avg Blue-collar Hourly Wage Climbs 13.5% in Q2 HR

Avg Blue-collar Hourly Wage Climbs 13.5% in Q2

CATL Debrecen Becomes Sponsor of Campus Festival In Hungary

CATL Debrecen Becomes Sponsor of Campus Festival

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.