Gov't to continue expedited VAT refunds
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The government will continue to expedite the processing of applications for VAT refunds this year, Finance Minister Mihály Varga said in a video message on Facebook on Wednesday, according to a report by state news wire MTI.
Varga noted that he had instructed the National Tax and Customs Authority (NAV) during the first wave of the pandemic to accelerate payment of VAT refunds to SMEs. The turnaround time for the refunds was reduced from 75 days to 30 days, while companies certified "reliable taxpayers" got their VAT refunds in under 20 days, he added.
He said that period is among the shortest in Europe and compares to a 60-day period in Poland and a one-month deadline in the Czech Republic and Romania.
VAT refunds of HUF 743 bln have so far been transferred in expedited procedures, he added.
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