Using the eVAT system launched on Jan. 1, companies can reduce the time spent preparing returns, save on costs, and increase the accuracy of the data reported to the tax authority. This not only results in increased taxpayer security but also significantly reduces the risk of VAT audits.
The tax law package brought before Parliament in the fall includes the amendments to the VAT Act, which will re-create the legal framework for introducing the eVAT system. This concept was already included in the legislation a few years ago, but the tax authority opted out at the time. The system introduced after January will be much more sophisticated and will affect all taxpayers in the coming years, says Bence Barta,director of Andersen Adótanácsadó Zrt.