In Hungary, up to 1 January 2016, it was possible to reclaim Hungarian input VAT in any VAT Return within the legal limitation period. From January 2016, this rule has changed. Hungarian VAT can only be recovered in the year when the VAT obligation arose and the following year. After this period the VAT can only be reclaimed by filing in a voluntary correction for the period during which the right to deduct VAT arose within the limitation period (5 years).

Special attention should be given to corrected invoices, it might lead to the situation where the party issuing the VAT invoice and the party receiving the VAT invoices do not report in the same period.

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Be aware: new VAT deduction rule in Hungary