In 1988, Hungary implemented Value Added Tax (VAT), known locally as Általános forgalmi adó (ÁFA). VAT is imposed in Hungary under the Hungarian Act CXXVII of 2007 on Value Added Tax (Általános forgalmi adóról), as modified (the “VAT Act”), which is based on the European Union (EU) VAT Directive 2006/112/EC (the “EU VAT Directive”). f”). Because EU law supersedes Hungarian law, the EU VAT Directive might overrule the Hungarian VAT Directive.
Source GVC
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