EU VAT Changes Applicable to Hungary Starting Jan. 1

A European Union effort aimed at harmonizing value-added tax measures across member nations will take effect in Hungary on Jan. 1, 2020, KPMG said in a Nov. 11 post. The European Commission recently issued a draft version of its “explanatory notes” on the new rules, which will include four changes, KPMG said: a “simplified treatment for call-off stock,” unified rules to simplify chain transactions, a “mandatory” VAT identification number to apply the zero VAT rate and “simplified proof of intra-Community supplies.” The explanatory notes will provide guidelines for “adjusting to the new rules as well as guidance for possible practical challenges,” the post said.