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Hungarian companies apply for HUF 272bn in VAT refunds under court ruling

About 15,000 Hungarian companies have submitted applications for VAT refunds totaling HUF 272bn that the state must pay under a recent European Court ruling, daily Magyar Nemzet said on Saturday.

Magyar Nemzet said the actual amount paid out is likely to be HUF 245bn-255bn as some applications are refused after auditing.

The deputy chief of Hungary’s National Tax and Customs Administration said earlier that the refunds would probably be under the HUF 250bn estimate because audits on the tax returns have been made a priority.