Hungary’s customs policy to be reformed

Several negotiations have been conducted on the request of the Hungarian government towards Far Eastern clients to complete customs clearance in Hungary provided that they intend to trade within the country, for Hungary’s interest calls for such measures to be implemented, Profit.hu reports.

Deputy State Secretary for Customs and International Affairs Tamás Molnár told Profit.hu that the negotiations have resulted in an increase in Hungary’s EU customs revenue and in VAT with 4,3 billion Euros in the first two months of 2017. The Deputy State Secretary also talked about customs policy reforms: Hungary shall consider the development of a single customs policy of centralized management.

Profit.hu notes that the introduction of the Electronic Trade and Transport Control System introduced on 1. January 2015 has obviously resulted in a transparent market. Steel and dairy products industry are all good examples of the effectiveness the new system has brought, because the number of unlawful VAT recovery has reduced. Also, Hungary was the first among the EU Member States to introduce this system in order to detect this form of VAT evasion, and other Member States are interested in this method.

[box type=”info”] The objective of the Electronic Trade and Transport Control System is to make circulation of goods more transparent, to eliminate fraud related to food products, and to detect and eliminate tax evaders. Through this system, the route of goods can be tracked, because transport related data, such as the name of the goods, the quantity, the consignor, the consignee, and the registration plate number of the vehicle, have to be registered. The data exchange is performed among the actors by forwarding information. The obligation of submitting data depends on the value of the goods and the gross weight of the truck. Learn more here.[/box]

The refinement of the system goes on with amendments and IT developments to create a complex control system.

Photo: Pixabay.com

ce: bm

Source: Profit.hu