Since May of last year, SMEs have been able to get their sales tax back in up to 20 days, which is the shortest VAT remittance deadline in the European Union. By the end of August 2021, businesses received a total of HUF 1,550 billion back earlier through the measure.
The tax office pays faster, but takes even better care of the money than before - concluded Norbert Izer, the State Secretary responsible for tax affairs at the Ministry of Finance. As he said: in August, for example, 88,000 businesses received their legally returned sales tax in a shorter period of time, a total of HUF 168 billion.
The tax office's differentiated risk analysis system is the guarantee that, while decent businesses get back the tax they are entitled to more quickly, VAT fraudsters cannot damage the state coffers, stated the state secretary.
Starting this year, the work of risk analysts will also be aided by even more online tools, as the tax office can now see all invoices, even those issued to the general public, so suspicious transactions can be filtered out immediately before the submission of the VAT return, after receipt of the invoice data.
he noted.
The statistics also support how efficient and effective the legality examination of allocations is, said Norbert Izer. This year, in the first half of the year, 35 percent of the returns (46,000 of the more than 130,000 returns) underwent a more detailed risk analysis. Inspections were started only in justified cases, for taxpayers who failed the risk analysis grid, for those for whom, based on the data, it was probable that an unauthorized refund was made, the state secretary detailed.
One of the most important tax relief measures of the coronavirus crisis is the accelerated distribution of general sales tax (VAT), which is a major help to small and medium-sized businesses, who can thus manage their finances more easily, avoid financial difficulties and participate more actively in economic circulation.
Norbert Izer emphasized.
He noted that Hungary can also gain a significant competitive advantage, since the faster allocation of VAT can stimulate investments and, in addition to increasing exports, even give new impetus to construction industry developments.
The Secretary of State recalled that
SMEs can receive the amounts they are entitled to in 30 days instead of the previous 75 days. Small and medium-sized enterprises classified as reliable on the basis of their tax history can receive the reclaimed amount even sooner, because in their case the disbursement time can be shortened from 30 days to 20 days.
Businesses that have violated the tax rules to the detriment of honest taxpayers and the budget, and are therefore considered risky taxpayers, can still only get their VAT back within 75 days, Norbert Izer reminded.
MTI
