Saudi tax authority values Hungary’s “wonder weapons” against the black market

A Saudi Arabian delegation of high-ranking tax officials concluded a visit to Hungary on Wednesday where they studied local solutions aimed at whitening the economy, a state secretary of the finance ministry told MTI on Thursday.

Despite constant tax cuts, Hungarian state revenues are on the rise thanks to an increasingly white economy, Norbert Izer noted. Loss of revenue from VAT fell to 13 percent in 2016 from 26 percent in 2012, and may fall below 10 percent next year, he said.

Hungary’s “wonder weapons” against the black market, the online cash registry system, the electronic control system for road haulage companies and online invoicing, have also raised the interest of Colombian and Greek authorities, next to Saud Arabia, Izer said.

Suhail Abanmi, the head of the Saudi tax authority, noted that the country only introduced the value-added tax in 2018.

The authority’s goal, next to having economic players conform with the regulations and pay VAT, is to offer digital solutions that make that compliance easier for taxpayers, he said.

Source: MTI