From 1st of July 2018 VAT registered companies in Hungary will be required to report any domestic B2B sales invoices they raise (of at least 100,000) HUF to the tax authorities. The data must be submitted in real time via a computer to computer interface also known as an API. Once lodged the tax authority will validate the data and notify the taxpayer of any errors identified in the data.
To prepare for this companies should:
- ensure that their systems are capable of extracting data as soon as it is posted into their system(s);
- ensure the process is fully automated from end to end;
- make sure that their systems are filtering invoices correctly so that only appropriate transactions are reported;
- develop or implement bridging software where needed to file the data automatically;
- test data in advance of 1 July 2018 to ensure it is producing valid information (e.g. the customer VAT numbers are valid).
Please see the following flyer which provides more information on a number of solutions that are available.