The National Tax and Customs Administration of Hungary (NAV) has outlined its audit directions for 2024, based on targeted data analysis and the consideration of economic trends. This year will require special attention from all businesses, especially those that may have previously skirted the edges of regulatory compliance. NAV is applying smarter and more targeted audits, which could pose particular risks for businesses not closely adhering to the laws.
Key audit areas and innovations
NAV continues to prioritize the accuracy of data submissions and supports tax-compliant businesses. However, businesses that intentionally or systematically neglect their tax obligations will receive a stern warning. New sectors under scrutiny include event organizers, companies in the advertising and media sectors, those dealing with cryptocurrencies, as well as the beauty industry and fitness service providers. High-performance companies, as well as those with significant tax contributions, can expect increased attention, particularly regarding compliance with development tax benefits, transfer pricing and market pricing rules.
Abuse of tax exemptions and benefits
NAV emphasizes that while supportive procedures are initiated for unintentional mistakes by bona fide taxpayers, no mercy will be shown to those who knowingly abuse these opportunities. Businesses should be aware that the data and sophisticated analysis methods available to NAV cacan detect tax evasion attempts with unprecedented accuracy.
In the era of digital data submissions
The growth of digital transactions and data submissions requires businesses to be more precise. Ensuring accurate data is essential for effective risk analysis by NAV, making a reliable accounting background crucial for businesses.
Customs Inspections and Hazardous Products
The inspection of imported goods, especially new vehicles and products from e-commerce, will become more stringent. NAV pays special attention to product safety and the removal of fake, dangerous products from the market.
Summary
The year 2024 offers significant challenges and opportunities for businesses. Those not taking the observance of laws and accurate data submission seriously face substantial risks. Law-abiding compliance, accurate accounting, and data submission are not only a means to avoid penalties, but also the basis for the long-term success and sustainability of a business. This year is particularly important for businesses to strengthen their accounting and taxation practices, taking advantage of the supportive procedures offered by NAV and avoiding potentially serious penalties.
