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VAT return from 1 July: M sheets must also be reported without a threshold in Hungary

From 1 July, 2020 according to the VAT Act, the data of all approved incoming supplier invoices for which the company intends to exercise the right to deduct VAT must be provided to NAV on the M-sheet in the domestic recapitulative statement, regardless of the VAT threshold. This will make not only the invoices issued, but also the invoices approved between companies, fully visible to the tax authority.

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Modified wage subsidies and tax reliefs in Hungary

The new conditions for wage subsidies are more favourable, facilitation of deadlines in respect of reporting and taxation, SZÉP card changes and confirmation of social contribution tax (”szocho”) rate reduction. These are, among others, the latest regulations to mitigate the economic effects of the coronavirus.

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R&D wage subsidy in the April economic package in Hungary

As part of the Action Plan to protect the Hungarian economy, new measures have been introduced in Hungary to preserve R&D workers’ workplaces. The government measures relate to the coronavirus pandemic, and take the form of a wage subsidy available for employers. The measures are applicable as of 15 April 2020, and businesses in various sectors could take advantage of them, such as IT and software development companies, pharmaceuticals, chemical companies, companies in the financial sector and manufacturers.

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Don’t let coronavirus overcome your company – apply for a tax reduction. UPDATED!

The global coronavirus epidemic affects all sectors of the economy, however, the service sector, and in particular tourism and catering, is the industry that is hit the earliest. What can companies do right away to alleviate the difficulties in paying their tax liabilities?UPDATE: According to the latest announcements, the Hungarian Tax Authority fairly appraises entrepreneurs\' tax relief requests.

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