VAT REFUND MAY BE DELAYED UNTIL APRIL

’VAT refunding may be delayed until April’, said Róbert Heiczinger, leading tax expert of the international audit company, Ernst and Young to Magyar Nemzet. The delay is explained by the Tax Office by harmonizing accounts with EU rules. The Tax Office earlier promised repayment by January. The delay has been caused by a lengthy procedure of comparing data submitted in Hungary with those recorded in the European Union tax authority. The Ministry of Finance says this sort of delay will not be repeated. The political state secretary of the Ministry of Finance suggested the affected firms to take bridging credits.

Translated by Péter Szentmihályi Szabó