With the stated goal of pushing back the shadow economy and curbing tax fraud, Hungary is intensifying the duty to report invoices online as of 1 July 2018.
From this date onwards, all those liable for taxation under the Hungarian tax authority will be required to report all software-generated invoices made out to any other party also subject to Hungarian taxation, provided that the invoice includes value added tax of at least 100,000 forint. The transmission of these reports has to be done in an electronic and automated manner using a pre-defined XML data format.
Please note that in the event of a failure to report invoices online, the tax authority theoretically has the power to impose fines of up to 500,000 HUF – equal to 1,700 EUR – per invoice.
All those interested can find more details (in English too) on a special portal set up by the Hungarian National Tax and Customs Authority, where you are also given an opportunity to test the system.
With Retarus’ Business Integration Services, even such a complex connection can be set up in quick time. We don’t only support the effort-intensive XML Wrapper format, but can also even check your data in advance if requested. This reduces the effort required in the correction phase appreciably. If interested, please feel free to contact your local Retarus representative.