Type: Legislation
In a recent development, Hungary has implemented changes to its Intrastat reporting thresholds, effective from 1 January 2024. Notably, the thresholds for declarations concerning EU intra-community dispatches and arrivals to Hungary have been revised as follows:
- For arrivals, the threshold has been increased to HUF 270 million (approximately €705,000), up from HUF 250 million in 2023.
- In the case of dispatches, the threshold has been adjusted to HUF 150 million (approximately €390,000), compared to HUF 140 million in the preceding year.
This modification impacts businesses involved in cross-border trade, as the Intrastat electronic reporting form now mandates additional data points, including goods description, commodity code, delivery terms, mode of transport, countries of destination and origin, weight and/or quantity, and invoice value. It is crucial for entities engaged in such transactions to ensure compliance with these updated thresholds and reporting requirements to avoid any potential tax-related implications. Stay informed to navigate these changes effectively in your cross-border trade activities with Hungary.
Effective date: 1 January 2024
