Hungary

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

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.


Hungary

Hungary raises VAT registration threshold

November 14th, 2017

Hungary is planning to raise its VAT registration threshold from HUF8 million to HUF12 million from 1 January 2019.  The threshold does not apply to non-resident businesses, which must register at the time of their first taxable supply. The proposal must be ratified by the European Commission since it is above the threshold agreed at …


Hungary

Hungary live VAT invoice reporting 2018

July 20th, 2017

Hungary’s Ministry for the Economy has provided further draft proposals on its July 2018 requirements for real time reporting of major sales invoices. Key requirements include: Sales invoices with output VAT above HUF 100,000 must be declared by VAT registered businesses to the tax authorities within 24 hours of issuance Declarations must be electronic, via …


Hungary

Hungary lowers domestic invoice listing threshold

June 18th, 2017

From 1 July 2018, Hungary will recover all VAT-registered businesses to provide a live report of transactions above HUF100,000.  This is a lowering of the planned threshold. The report, Belföldi Összesítő Jelentés Kereskedelmi Partnerenként, are required with the regular VAT return.


Worldwide

Avalara VAT Reporting content updates 01-06-2017

June 1st, 2017

Spain – VAT Reporting SII – Now available In this release, we have added the functionality to support the Spanish SII system of “Immediate Supply of Information” which comes into effect from the 1st July 2017. It applies to large companies, VAT Groups and members of the REDEME scheme and the tax authority has a test service …


Hungary

Hungary delays live invoice reporting

May 24th, 2017

Hungary has dropped plans to require live invoice reporting until July 2018. The requirement had been for the submission of XML-based details of invoices with sales VAT above HUF100,000 (about €300).  The plan had been for the tax authorities to then provide an individual invoice ID number for use with the invoice. This will be withdrawn; …