Finance Minister Mihály Varga said an agreement on taxation reached by European Union finance ministers can contribute to an improvement in EU competitiveness.
In a video message on Facebook on Wednesday, Minister Varga said the agreement on VAT in the digital age, reached after a discussion lasting years, will streamline administration for Hungarian companies and level the playing field.
In future, local companies will be able to do business in other member states using the VAT registration of their own national tax authority, he said.
Online platforms will be required to pay VAT for short-term rentals and passenger transport services, creating fairer competition, he added.