Hungary Tax Agency Explains Taxation of VAT Exemptions on Intra-Community Transactions

The Hungarian National Tax and Customs Administration Dec. 2 explained the tax treatment of VAT exemptions on intra-community transactions under the 2020 budget law. The agency explained that: 1) taxpayers aren’t subject to VAT during the exemption period and don’t charge VAT on transactions they carry out, subject to exceptions; 2) taxpayers aren’t liable to pay taxes below a threshold of 10,000 euros (US$11,079); 3) taxpayers don’t have to provide a community tax number when purchasing goods below the threshold; 4) tax exempt taxpayers have the option to follow the general rules even if they don’t meet the 10,000 euro ...