Hungary: Real Time Invoice Reporting
14th August 2018: From 1st July 2018, the Hungarian Tax Authority introduced a real-time invoice reporting obligation.
The Hungarian Tax Authority requires all invoices above HUF 100,000 issued from a Hungarian VAT registered entity to another VAT registered entity in Hungary (B2B) to be reported. This is applicable for all companies established outside Hungary but registered for VAT purposes there, but is not applicable to sales to private consumers (B2C).
All entities that fail to meet the real-time data reporting obligation risk a penalty of up to HUF 500,000 (approximately EUR 1,550) per invoice.
Companies will have to make sure that their invoicing software is fully compatible with the requirements of RTIR and capable of real-time data transfer.
Looking for more information? Our team of experts are waiting for you! We can advise you on everything you need to know about Hungary’s new real-time invoice reporting.
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