VAT SERVICES AND TRA ALLIANCE
We provide cross-border VAT representation and VAT advisory services. Specifically, we can coordinate the VAT registration of a company in several European countries, later dealing with monthly or quarterly compliance. The client has the advantage that they can have only one point of contact with us, if preferred, and then we handle their VAT affairs in other European countries in coordination with our “TRA” network colleagues.
The Tax Representative Alliance is an association of VAT specialists from several European countries: accountants, lawyers and tax advisors who can handle the VAT affairs of foreign groups and businesses as tax representatives in their states. As the Hungarian representative for TRA since 2017, ITL Group is proud to offer support on all VAT matters (from registration to returns, payments and more) in one or more European countries, including:
- VAT registration of a foreign company
- VAT representation of a foreign company before the local tax authorities
- Application for a national VAT ID number for a foreign company
- Application for a customs registration (EORI number)
- Preparation of monthly, quarterly or annual VAT returns
- Preparation of EC sales list
- Preparation of other reports that may be required (e.g. Intrastat)
- Claims for VAT refunds
- Review of incoming and outgoing invoices according to national VAT rules to avoid tax risks
- Review of VAT assessment notes
- Handling correspondence with the national tax authorities and other financial authorities
- VAT consulting regarding exemption rules, payments, tax rates, etc.
- In case of disputes, handling objections and legal claims
Every company trading within the European Union is required, by law, to ensure that the VAT numbers of its customers are correct (for supplies within the EU). It is important that the correct Hungarian VAT rates are used in accounting records and on invoices as companies are held directly liable for any errors. Failure to provide proof could have serious consequences for your company’s VAT position.
Determining the correct amount of tax to pay can be challenging– especially when you have to deal with changing supply chains and a growing number of countries. Researching Hungarian VAT legislation is the first step to understanding your VAT compliance needs. Our team of VAT experts gives you the ability to identify the correct VAT treatment for a broad range of transactions and makes sure you stay compliant as you grow your business and venture into new markets.
When providing local supplies under a Hungarian VAT number, companies are required to follow local accounting and tax rate rules. These include:
- Detailing information about the supplier and customers, and transactions costs, etc. on all invoices
- Issuing full invoices in accordance with the Hungarian VAT Act
- Issuing invoicing for goods or services in accordance with the Hungarian time of supply rules
- Processes and control issues for the use of electronic invoices
- Maintenance of books, which must be retained for at least eight years.
- Treatment of credit notes, correcting VAT returns, etc.
- Translation rates for foreign currency invoices
Move one step closer to stress-free VAT compliance. Schedule a call or contact one of our expert teams today.
Let our experts help you and together we will find the perfect solution that tackles the potential risks.
Our work is based on the principles of assessing the tax risk of the transactions you intend to carry out by verifying the information through careful analysis and by ensuring that all your tax obligations are fulfilled.
Risk is part of an entrepreneur’s life, but with the help of our experts, we will analyse together the most suitable solutions for your business.
Meet our Head of Division
Meet our Head of Division