Hungary live VAT invoice reporting 2018

Hungary’s Ministry for the Economy has provided further draft proposals on its July 2018 requirements for real time reporting of major sales invoices.

Key requirements include:

• Sales invoices with output VAT above HUF 100,000 must be declared by VAT registered businesses to the tax authorities within 24 hours of issuance
• Declarations must be electronic, via registered software
• Invoice requirements are listed within a .xml schema, published by the tax authorities
• Tax payers submitting invoice details will be excused from also providing the regular domestic recapitulative filing for sales invoices.  However, reporting on purchase invoices will still be required with a lower reporting threshold of HUF 100,000 input VAT.

More about real-time invoice reporting