Government amends tax legislation

One of the most important changes is that in its new form the law differentiates between reliable and risky tax payers. Those companies which qualify as reliable get a VAT refund in 45 days as of 2017 and in 30 days as of 2018. Risky tax payers are those with a tax debt of HUF 10 million in the case of private individuals and HUF 100 million for other entities (there are other criteria too). From 1 January 2016 the rules of setting the deadlines for settling accounts periodically are going to change – Mazars stressed in their analysis. The company’s experts say this requires not only the modification of contracts and new settings in company systems, but also brings risks in controlling. As of 1 January 2017 it becomes possible for tax payers to pay the local business tax electronically, sending it to the National Tax and Customs Administration (NAV), who will forward it without examination to the municipality.