EU VAT Number
Contributed by Company Express kft
26 March, 2019
According to the current Hungarian Legislation, since Hungary is a member of the European Union since 2004, the obtainment of an EU VAT number is an auspicious opportunity for the foreign investors who intend to form a company in Hungary.
The obtainment is a really simple and fast process, up against the general practice of other European Union countries. The process can be done simultaneously with the company formation, without any individual judgement, every applicant receive it immediately.
If you intend to do intra-community procurement or sales within the European Union, this VAT number entitles you to do these activities, exempted from the obligation of paying the VAT, if your business partner also have an EU VAT number. Thanks to the government's foreign investor friendly politics, this option is available for all foreign investors who intend to incorporate in Hungary, the investor's nationality and place of residence does not matter in connection with this.
Nowadays more and more European entrepreneurs obtain this VAT number for its company, which spins the economy and expands the scope of business activities at the same time, and make the business investments as a really big opportunity within the European Union.
Thanks to the customer friendly website of the European Taxation, you can easily check the validity of your partner's EU VAT number, which excludes the risk of potential misunderstandings.
Besides this favorable opportunity, Hungary's Taxation System has a lot of other prosperous properties; like the 9% corporate tax (which is still the lowest in Europe), the 0-2% local government tax, the professional administrative services, and several contracts about the avoidance of double taxation, signed by the Goverment. If you are planning to expand your business interests in Hungary, then you should not hesitate, since this country is about to become the new Tax Haven of Europe.
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