VAT solutions in Hungary
Managing VAT is an essential part of a business’s financial duties in Hungary. Successfully dealing with the intricacies of VAT laws demands a thorough comprehension of the regulations and careful attention to details. Our strategy is centered on assisting businesses in tackling these challenges confidently, guaranteeing compliance while uncovering possibilities for VAT optimization. By prioritizing precision and strategic perspective, we empower companies to meet their VAT responsibilities in a streamlined and proficient manner, bringing reassurance in an ever-changing tax environment.
VAT rate
In Hungary, VAT (Value Added Tax) is set at a standard rate of 27%, while certain goods and services are subject to reduced rates of 18% and 5%. This consumption tax is imposed on the sale of goods and services both domestically and on imports, serving as a key source of tax revenue for the nation.
Our VAT services
We provide a wide array of services aimed at helping businesses navigate the intricacies of VAT in Hungary. Our objective is to guarantee complete compliance while enhancing your VAT situation, enabling you to concentrate on expanding your company. Our offerings consist of:
VAT compliance
Our VAT compliance services guarantee the accurate and timely preparation and submission of your VAT returns, fully aligning with both local and international VAT regulations. We assist you throughout the entire procedure, offering expert guidance on required documentation and submission timelines. This support helps ensure your business remains compliant and reduces the likelihood of penalties and other VAT-related complications.
VAT planning and optimization
We provide services for VAT planning and optimization focused on creating strategies to lower your VAT liabilities. Our team collaborates with you to find and utilize all possible VAT exemptions, reductions, and refunds. Furthermore, we help you organize your transactions and supply chains in a way that maximizes VAT efficiency, ensuring your VAT strategy is in harmony with your overall financial goals.
VAT registration
Understanding VAT registration requirements can be difficult, particularly for businesses looking to enter the Hungary market or extend their operations. Our VAT registration service streamlines this procedure by handling all elements of your VAT registration. We help you assess if your business is obligated to register for VAT, fill out the necessary documentation, and guarantee that submissions are made on time. Moreover, we offer advice on VAT registration thresholds, intra-community transactions, and ongoing compliance duties, enabling you to concentrate on your primary business functions.
VAT accounting
We offer extensive assistance in identifying your VAT obligations and ensuring that your VAT reporting adheres to accounting standards such as IFRS and GAAP. Additionally, we manage the reconciliation of VAT accounts with your general ledger balances, providing precise and clear financial statements that accurately represent your company’s financial status.
VAT audits and representation
If your business faces a VAT audit, our VAT audits and representation services are available to help. We aid in collecting all required documentation and represent you during negotiations and dispute resolutions with Hungary’s VAT authorities. Furthermore, we provide pre-audit reviews to pinpoint and resolve potential compliance problems before they become significant, ensuring your business is adequately prepared for any examination.
Cross-border VAT compliance
For businesses functioning in various jurisdictions, our cross-border VAT compliance services facilitate the effective handling of your multi-jurisdictional VAT responsibilities. We offer comprehensive guidance on adhering to the VAT laws and regulations of different nations, including assistance with VAT registration, invoicing, and reporting obligations. This support enables you to confidently navigate the intricate world of international VAT.
International VAT advisory
Our global VAT advisory service aims to help businesses operating across various countries navigate the complexities of international VAT. We offer strategic counsel on cross-border transactions, VAT registration across different jurisdictions, and the recovery of foreign VAT. Our team provides specialized advice on optimizing your global VAT position, addressing key matters such as supply chain structuring, VAT grouping, and handling VAT obligations in multiple countries. This service is well-suited for companies seeking to grow their international footprint while efficiently managing their VAT duties.
VAT system
A deep comprehension of Hungary’s VAT system is crucial for any enterprise functioning inside or outside the nation. Our knowledge offers a detailed summary of the workings of the VAT system, including the specific situations where VAT applies. We assist you in understanding the different rates, exemptions, and regulations that shape Hungary’s VAT environment, ensuring your business stays compliant while strategically working to improve VAT efficiency. With a solid understanding of the VAT system, you will be better positioned to make well-informed choices that align with your company’s financial objectives and reduce possible VAT obligations.
Contact us
If you need further details regarding our VAT services or wish to talk about how we can help, please reach out to us.
Disclaimer
Tax laws and regulations are continuously evolving and can differ depending on personal circumstances. The information shared here is intended for general guidance and may not represent the latest changes. It is strongly advised to seek assistance from a qualified tax professional for specific and current advice tailored to your situation.