Hungary and neighbors discuss reverse VAT implementation
Hungary, along with Czech Republic, Slovakia, Bulgaria and Austria, are urging joint legislation against VAT evasion, including making the use of reverse VAT a more common practice, National Economy Minister Mihály Varga told MTI yesterday.
Following a meeting with his peers from the four countries, Varga said that they all face the same concerns of carousel fraud and missing trader fraud used to bypass VAT payments. In Hungary, carousel fraud is estimated to rob the state of anywhere between €1.5-2 bln, he added.
The aim of the meeting was to coordinate the joint implantation of reverse VAT – the practice of obligating the buyer and not the seller, of goods to pay VAT – to certain groups of products, he said. Coordinating the use of reverse VAT in Central Europe would make the crackdown on VAT fraud far more efficient, he added. Other countries are also expected to join the initiative.
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