Michaela Merz

Hungary – 11 days to go with real time reporting

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Did you know that in just 11 days time Hungarian Real Time Invoice Reporting goes live?

From 1 July 2018 VAT registered businesses in Hungary will be required to immediately report any B2B domestic sales invoices they raise of at least 100,000 HUF (300 EUR) to the tax authorities.

The requirement to submit information in real time and via an API poses a significant challenge to clients. By now if you are registered for VAT in Hungary you should have ensured that:

  • your systems are capable of extracting invoice data as soon as it is posted into their system(s);
  • your process are fully automated from end to end;
  • your systems are selecting invoices correctly so that only appropriate transactions are reported;
  • you have developed or implemented bridging software;
  • you have tested your data in advance of 1 July 2018 to ensure that their data is compliant.

If you still aren’t ready PwC can help by providing:

  • cost effective bridging software that will submit invoices in real time;
  • data extraction scripts to pull data out in real time for use with the bridging software;
  • advice how to develop own data extraction scripts;
  • assistance to validate Customer VAT numbers, ensuring they are up-to-date and valid.

 

Bildquelle: Erich Westendarp  / pixelio.de

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