Hungary’s National Tax and Customs Administration (NAV) wrote off as uncollectible HUF 637 billion (USD 2.3 billion) of tax arrears last year, including nearly HUF 1.3 billion in penalties and interest, reports vg.hu. This is more than four times the HUF 157 billion (USD 562 million) of arrears NAV wrote off in 2015.
Vg.hu reports that in 2016 NAV initiated half as many liquidations as the previous year, and that the companies in question had total tax arrears of HUF 208.2 billion. Vg.hu notes that this is just one third the amount NAV wrote off in 2015.
The number of court-ordered liquidations decreased to 7936 in 2016, writes vg.hu. However, the number of owner-initiated liquidations increased to 9927, with the companies owing tax of some HUF 4.8 billion (USD 17 million).