Changing law / 2018 - VAT

The VAT rate on Internet access services will be reduced from 18% to 5% and the VAT rate on fish products will be reduced from 27% to 5%.

The reduction of the limit requiring detailed VAT reporting (monthly returns, domestic statements) from HUF 1 million to HUF 100,000, which was planned to become effective as of 1 July 2017, has been postponed to 1 July 2018.

The requirement to report to the tax authorities invoices with a minimum value of HUF 100,000 has been postponed to 1 July 2018.

Hungarian corporate entities will be required to declare foreign bank accounts by 31 January 2018.