Hungary's Ministry for National Economy has announced plans to increase the value added tax (VAT) exemption threshold for small businesses to HUF 12 million in annual turnover. Under Hungary's VAT rules, all businesses are generally required to register, but for those with annual turnover below the threshold, application may be made for exemption status. When exemption status is granted, the business may not charge VAT on its supplies or recover input VAT on purchases, and is generally not subject to VAT return requirements. Subject to approval from the European Commission, the increased exemption threshold is to apply from 1 January...