Hungary live reporting 1 month on

September 7th, 2018

Hungary has declared the 1 July launch of its new live VAT invoice reporting regime a success. Over 250,000 tax payers have now started submitting their real-time issued invoices to the tax authorities – in reality, this may be on a batch-process each day. Hungary has therefore now withdrawn its soft launch from 31 August, …


Hungary VAT changes

July 18th, 2018

Hungary has proposed a range of VAT changes for January 2019, including: Single-purpose vouchers where the underlying taxable supply can be determined must be taxed at the point of sale. Multi-use vouchers are not taxable at sale; instead at the point of redemption. This is in line with new EU guidance. VAT on ESL and …


Hungary delays fines on live invoice reporting

July 2nd, 2018

Hungary has confirmed that it will not impose late/no submission fines for the first month of operations of its new, real time invoicing filing regime which came into force on 1 July 2018. NAV will permit tax payers to submit all relevant invoices by 31 July with no penalties. The Hungarian National Tax and Customs …

United Kingdom

Digitisation of VAT Reporting

April 5th, 2018

European countries are increasingly demanding detailed electronic VAT transactional reporting from businesses to help them efficiently track tax due and reduce significant tax evasion. This includes: EU SAF-T; Making Tax Digital in the UK; live invoice reporting in Spain, Hungary and Italy; and Control Statements. Many countries have now introduced voluntary and mandatory transaction reporting …


VAT Reporting update 18.3.1

April 5th, 2018

Overview This release is a maintenance release of the VAT Reporting application for the month March. It includes changes to reports, modifications and bug fixes. Main changes in Reports We have improved the reporting of transactions with mixed flows on the PL, CZ and IT VAT Books. South Africa: standard VAT rate changed to 15% …


Hungary live VAT invoice reporting July 2018

January 18th, 2018

Hungary has confirmed this week that live VAT invoice reporting will proceed from 1 July 2018. The requirements apply to invoices with VAT chargeable above HUF 100,000 (approx. €320) – meaning a net invoice value of HUF370 000 (approx. €1,195). The timing of reporting Has been tightened up since the last update, and the option to …


Hungary drops VAT on internet services to 5%

December 23rd, 2017

From 1 January 2018, internet services provided to consumers will be charged at the reduced VAT rate of 5%. Such services are currently liable to the 18% reduced VAT rate. Until Jan 2017, the VAT rate was the standard rate, 27%. The subsidy to boost internet adoption will cost the government an estimated €70m per annum.