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Hungary live invoice reporting July 2017

Hungary live invoice reporting July 2017

From 1 July 2017, all Hungarian VAT registered businesses will be required to electronically live report all B2B sales invoices with VAT above HUF100,000.  Hungarian VAT is currently 27%, so the net  value of the invoices effected will be HUF370,000.

Businesses will receive in return from the tax authorities a unique invoice number in a digital seal that they must include on the invoice prior to issuance to their customers.

The maximum fine for failing to comply with the new rules will be up to HUF500,000 per invoice.

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VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.