Real-time invoice reporting obligations extended in Hungary
VAT News Updates
8th January 2021: Due to COVID-19 the National Administration has announced a three month grace period until 31 March 2021.
Invoice reporting requirements extended in Hungary
From January 2021, taxable persons are required to report all invoices to which the Hungarian invoicing requirements apply in the Online Invoicing Reporting System.
From 1 July 2020 in Hungary, it has been obligatory to submit all invoices from domestic B2B transactions in real-time.
From now, not only will domestic B2B invoices need to be reported but this obligation has been extended to B2C transactions, B2B intra-community supply of goods and services and other export sales.
What will change with Hungary Real-Time Reporting?
The Online Invoice Reporting System will contain data such as: order number, vendor code, delivery note number. This will make invoice processing faster.
Now, when a taxpayer receives an invoice, they can check on the National Administration website which invoices were reported in the Online Invoice Reporting System.
By using the Online Invoice Reporting System, the National Administration will be able to prepare draft VAT returns in the second half of 2021.
Customers will also benefit from the Online Invoice Reporting System as they will be able to download submitted invoices.
Due to COVID-19 the National Administration has announced a three month grace period until 31 March 2021. During this time, no penalties are to be imposed in the case of non-compliance.
For further background, check out our previous coverage of this topic.
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