International Taxation
We have already discussed plans for the introduction of a global minimum tax. Last week, Hungary agreed to join the convention that aims to set corporate tax at a 15% minimum for international companies that have a yearly revenue above EUR 750 million.
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Most business owners in Hungary are used to issuing and receiving invoices with value-added tax. When such an invoice is issued, the buyer must pay the gross amount, and later both parties submit a VAT report indicating the value added tax they received and paid. These two amounts determine whether the seller needs to forward any VAT to the tax authority. Reverse charge works the opposite way: the seller cannot charge VAT because it must be determined and paid by the buyer.
The post Issuing invoices in Hungary: reverse charge on VAT appeared first on Helpers Finance.
Whether your services are subject to VAT depends on who your customers are and where they are located. Since the applicable VAT rate also depends on the kind of services you sell, international service sales are a complex matter.
The post Selling services – when to charge VAT? appeared first on Helpers Finance.
In line with new regulations, the MOSS (Mini One Stop Shop) will be renamed to OSS (One Stop Shop) and extended to cover a wide range of goods.
The post The OSS at work: VAT rates in the European Union appeared first on Helpers Finance.
If you are shipping from a non-EU country, where and when to pay VAT and customs duty becomes a crucial factor in calculating costs. Planning to purchase something from a third country? Learn about the shipping regulations first.
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Starting from 1 July 2021, VAT will apply to all non-EU purchases. The regulation change will have a significant effect on distance sales into the European Union. In order to facilitate the collection, declaration, and payment of VAT under the new regulations, the IOSS scheme was created for sellers as an extension to the already existing MOSS scheme (which applies only to services). If you own an e-commerce business, you should learn about the requirements of the IOSS and update your procedures for the new scheme.
The post IOSS: the VAT system for e-commerce into the EU appeared first on Helpers Finance.
If you buy goods from outside the European Union often, you probably know that value added tax and customs duty do not apply to such purchases under a certain value. But have you heard that the regulation is about to change? The new rules eliminating VAT exemption for non-EU purchases will take effect on 1 July 2021.
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Have you heard about double taxation? The expression may sound intimidating: paying taxes once is just about enough, right? Luckily, double taxation is not too frequent, but it is important to be familiar with the mechanism. In this blog post, we explain the basics.
The post Taxes in Hungary: avoiding double taxation appeared first on Helpers Finance.
What is distance selling? How is distance selling taxed in the EU? When exactly do I have to register for VAT in the other EU member state? Learn more
The post Taxing distance selling in the EU appeared first on Helpers Finance.
CFC laws in general, alongside double taxation treaties, control how and where income from foreign companies should be taxed.
The post Controlled Foreign Corporation or CFC laws in Hungary appeared first on Helpers Finance.