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Making Tax Digital overview

Making Tax Digital for Business (MTDfB) is the government’s policy to move all business-related tax reporting online. The stated objective of MTDfB is to make tax reporting more accurate, more reliable, and more efficient: the government wants to deliver ‘a modern, digital tax system for all businesses’.

Did you know that in just a few days time Hungarian Real Time Invoice Reporting goes live?

From 1st July VAT registered companies in Hungary will be required to report any B2B domestic sales invoices they raise of at least 100,000 HUF (300 EUR) to the tax authorities. Data must be submitted in real time via a computer interface (API) for validation by the Tax Authorities. This article by Tom Birch and Christian Davis suggests material to discuss with clients with Hungarian VAT registrations.