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 …


Worldwide

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

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 …