Last year’s EU harmonization package related to VAT, which was dubbed “Quick Fixes”, will be applicable in Hungary from 1 January 2020. The changes concern four areas: 1) the general conditions of VAT exemption for intra-Community supplies of goods, 2) acceptable types of proof of transport, 3) call-off stock simplification, and 4) rules for chain transactions. At the finish of the preparation phase the Commission issued a draft version of its explanatory notes on the interpretation of the new rules (“Explanatory notes on the 2020 Quick Fixes”). The document is not yet final, but it provides guidelines for adjusting to the new rules, and guidance for possible practical problems encountered. There is still time to review the internal processes based on the guidelines for the purposes of adjusting to the new rules and implementing potential simplifications.
Contributing Advisors
