Hungarian real-time reporting postponed
Real-time reporting in Hungary was postponed, the date in which the system will enter into force changes from 1 July 2017 to 1 July 2018.
Hungary postpones real-time reporting
This extension gives an additional 12-month period for businesses to adapt their ERP systems to new IT requirements of the Hungarian tax authorities.
According to the new rules of the real-time reporting in Hungary, companies will need to send each invoice for approval of the tax authorities before it is sent to the client. The authorities will respond with an approval code that will be stated on the invoice.
The threshold for the invoices pre-approval applies only where the VAT amount exceeds HUF 100,000 (circa €350). It is not yet clear if zero rated and exempt supplies will require pre-approval from the tax authorities.
What are the IT requirements?
The IT requirements and technical information around this obligation are not yet available. We expect this information to be published in the coming months. At Marosa, we will offer a coordinated solution including tax consultancy and tax technology resources to ensure that your ERP system can send and receive automatic messages from the authorities. We will also make sure that your current finance processes are in line with Hungarian VAT rules. This is important given the new visibility of the Hungarian authorities after 1 July 2018.