Are you sure?

Hungarian companies apply for HUF 289bn in VAT refunds under court ruling

About 15,000 Hungarian companies filed for VAT refunds of HUF 289bn the state must pay under a recent ruling by the European Court, daily Magyar Nemzet reported on Tuesday.

About HUF 215bn of the refunds had been paid out by the end of December, the paper said.

The government allocated HUF 250bn for the repayments, but the National Economy Ministry noted in a report on the general government on Monday that the amount was only a preliminary estimate.

The National Tax and Customs Office (NAV) told Magyar Nemzet that companies had asked for HUF 32bn of the refunds to be booked against taxes they already owed and for HUF 42bn to be booked against future tax liabilities.

NAV launched 6,500 audits connected to the refunds. It closed 5,844 of the audits by the middle of January, but found companies had wrongly reclaimed HUF 230m in VAT.