New Hungarian VAT rate on construction
Construction of new buildings is now subject to the reduced VAT rate of 5%.
26 February, 2016
Construction of new buildings is now subject to the reduced VAT rate of 5%. This is a significant change from the standard rate of 27%. The new rate is intended to boost the construction sector in Hungary.
Changes of VAT rates are often announced with little time before implementation. In these cases, businesses struggle to get their ERP systems updated in such short notice. Moreover, rules on credit notes on invoices issued before the rate change make it complicated from a VAT compliance perspective. Marosa can help assessing the impact of VAT rate changes on your system and tax reporting function.