What does VAT stand for? The term refers to Value Added Tax. Even though this name sounds scary, it’s actually not that complicated at all. As long as you follow the steps for VAT Registration Hungary, you will be fine – trust me! That’s why we created this article – so that you don’t have to go through this process alone. Let’s get started!Copy HTMLCopy text
What is VAT Registration?
VAT stands for Value Added Tax and is a form of indirect taxation. The idea behind VAT is to tax the production, rather than the end sale, of goods and services. This means that if you are providing services or selling products in Hungary, you will need to register with their tax authority – regardless of where your business is located.
Businesses may also be required to register if they purchase goods from another EU country and wish to sell those goods in Hungary without paying VAT on them. If you are a sole proprietor or an individual, you can register as self-employed with the local Tax Authority Office.
If you are a company, you can apply for registration online through the National Tax and Customs Administration website using their online registration process.
How Long Does it Take for VAT Registration to Complete?
This all depends on how you register your business. The most common and fastest way is to register as a sole proprietor, which can take as fast as 48 hours from start to finish. This includes being registered with the National Tax and Customs Authority (NTCA) and the Central Bank of Hungary (CBB). If you register as a limited liability company or corporation, you will need a lawyer to help with this process, which may take longer than three months.
An Overview of Our VAT Registration Services
We understand that the process of setting up your company in Hungary can be daunting. With so many different forms to fill out and different deadlines, it’s hard to know where to start. Our team at FirmaX is here for you, every step of the way.
When you want help with your VAT registration process, we’re here for you, 24 hours a day, 365 days a year. We’ll take care of all the paperwork and make sure that everything’s done on time while taking care to keep your costs as low as possible.
We offer all the services that one would need during this process such as accounting and tax advice to business start-ups, company creation assistance, and much more!
Identifying if VAT Registration is Necessary
VAT registration Hungary is not necessary for small businesses that don’t provide any goods or services. If a business provides only VAT-exempt goods and services, they do not need to register for VAT. VAT-exempt products are items like groceries, books, and other things that are used by the consumer.