The Hungarian National Tax and Customs Administration (NAV) has issued a notification regarding its access to information related to foreign bank accounts, including those held with digital banking services like Revolut.

The tax authority stated that income deposited into these accounts must be considered during tax declaration reviews and submissions.

In accordance with international agreements and EU regulations, NAV automatically receives information regarding financial accounts held abroad by Hungarian taxpayers.

Starting in 2025, NAV will exchange bank account information with 116 jurisdictions.

This development is particularly pertinent as taxpayers approach the deadline for their personal income tax declarations for the current year.

For the 2023 tax year, more than 1.4 million reports concerning foreign-held bank accounts were submitted to NAV, sourced from 91 different countries.

A significant proportion of these reports includes data from Revolut accounts.

NAV maintains detailed records concerning amounts deposited in such increasingly popular virtual wallets.

Before submitting their income tax returns, taxpayers are advised to review their draft submissions to ensure all income earned in 2024 is accounted for.

Common sources of income that may not be fully documented by the authority include earnings from property rentals and real estate sales, alongside interest, dividends, and other capital gains often received into foreign accounts.

NAV monitors whether taxpayers are declaring these types of income in their tax filings.

Since 2025, NAV has initiated investigations involving approximately 3,000 taxpayers based on account information from 93 countries.

Preliminary data indicate that in 2024, these inquiries revealed an estimated 2.5 billion HUF in undeclared income and 461 million HUF in concealed taxes.