At the time of Hungary’s EU Accession, the Hungarian VAT Act adopted the Sixth EU VAT Directive. In addition to the mandatory provisions required in the Directive, the VAT Act effective from 1 May 2004 introduced certain optional provisions, such as call-off stock and import VAT simplifications, as well as special rules for VAT grouping.
How PwC Can Help You
PricewaterhouseCoopers has the largest VAT practice in Hungary. Members of this VAT practice focus on a specific industry enabling us not only to understand VAT law but also your business. Our Hungarian practice is a key part of PricewaterhouseCoopers’ Central and Eastern European Indirect Tax network, incorporating over 130 tax professionals across 22 countries. The global Indirect Tax network covers 99 countries with over 1500 specialists.
Understanding your business, we offer comprehensive and individual solutions for all your VAT needs - locally, regionally and globally. We can minimize your VAT burden, optimize your VAT cash-flow and manage your VAT. We provide advisory services concerning administrative and compliance requirements; and optimising your ERP system. Moreover, in order to clarify the ambiguities that certain articles of the VAT Act still contain, PricewaterhouseCoopers maintains a continuous dialogue with the Hungarian authorities. Although we specialise in VAT, we are part of the largest group of tax professionals in Hungary and consider the impact of all other forms of tax.
Key services:
- VAT cash flow planning, VAT simplifications;
- Compliance work, including company-specific training, global VAT refund;
- Review of your ERP system from a VAT perspective;
- Global VAT Online (www.globalvatonline.com) is a web-based information tool which enables you to understand indirect tax regimes and rates across the world;
- Post-accession review of VAT returns;
- VAT audit - review of business activities from a VAT perspective;
- Advice on VAT-grouping concerning financial services;
- Cross–border VAT planning;
- Developing concepts for logistical centres from a VAT perspective;
- Interpretation of the special Hungarian use-and-enjoyment rule;
- Minimising VAT costs associated with marketing and business promotion;
- Advisory services concerning e-compliance, including electronic invoicing, electronic archiving, and the electronic submission of VAT returns;
- Application of innovative, VAT-efficient solutions e.g.: transfer of business lines between banks, head office transactions of banks, financial leases;
- Participation in court proceedings from the court of first instance to the Supreme Court, up to the European Court of Justice;
- Advice on forthcoming changes in European VAT law as the legal basis for Hungarian VAT;
- Advice on opportunities resulting from the jurisdiction of the European Court of Justice over the interpretation of EU VAT law.
