This is to let you know that a new legislation namely Act XLIX of 2012 on the application of reverse charge mechanism for the sale of certain agricultural goods has recently been published including amendments to the Act on VAT and Act on Tax Procedures. The new rules are introduced for a transitional period of 2 years. They have to be applied for the goods with customs tariff numbers listed in Annex 6/A of the law in those cases when the date of supplies for VAT purposes performed to domestic customers follows 30 June 2012 (at the latest for supplies performed in the tax assessment period including 30 June 2014). Parties involved have to declare in their local VAT return about the sale and acquisition of the goods (VAT number of the seller/acquirer of the goods, date of supply, the quantity (in kgs) and the tax base (rounded to thousands HUF) of goods separately by customs tariff numbers).
