Hungary live VAT invoice reporting 2018
- EU VAT
- 20 July 2017 | Richard Asquith
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.
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