Hungary live VAT invoice reporting 2018
- EU VAT
- 19 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.
Hungary has received permission to introduce an VAT registration threshold for businesses of HUF 12 million from 1 January 2019. This is approximately €48,000, based...
Hungary has declared the 1 July launch of its new live VAT invoice reporting regime a success. Over 250,000 tax payers have now started submitting...
Hungary has proposed a range of VAT changes for January 2019, including: Single-purpose vouchers where the underlying taxable supply can be determined must be taxed...