Hungarian 2014 VAT Act changes
Fri 20th Dec 2013
The various changes include the following major amendments:
- The VAT reverse charge mechanism will be extended to property construction.
- The supply of live pigs will be reclassified to the 5% VAT rate.
- The tax point of on-going supplies will be clarified. In general, the date of payment will be acceptable as the tax point for the levying of VAT. This rule will be extended to telecoms and public services, and will come into force from 1 July 2014.
- For exports which have not qualified for the 90-day limit zero VAT rating, there will be a facility to offset the input VAT if the goods are dispatched within 1 calendar year.
- Tickets will no longer have to include the date of issues where the ticket is used for the use of the service.
- The rules for the use of vouchers and coupons, and the calculation of the VAT deductions have been clarified.