VATupdate

Reporting Obligation of All Invoices in Online Invoice Reporting System as of Jan 4, 2021

What changes on Jan 4, 2021:

  • Invoice data reporting obligation started in July 2018 in order to fight fraud, the changes per Jan 4, 2021 are the last steps
  • B2B invoices, both domestic and to non-established entities, need to be reported as well as B2C invoices
  • Penalties due to failure to report the data will applicable after a 3 month transitional period
  • Additional services for the registered taxable persons: ability to check online invoices issued to him
  • Additional data as e.g. order number, contract data, vendor and customer code is available) which makes invoice processing simpler and faster.
  • If customer agrees on electronic invoicing, the invoice will be sent to the customer through the Online Invoice Reporting system
  • As of the second half of 2021, the Tax Administration will issue pre-filled VAT returns

Rules of the expanded reporting obligation and the preparation of the VAT returns are included in Tax law modifying the Law CXVIII of 2020 (in Hungarian)

Decree on implementing rules  (in Hungarian)

* click here if you have interesting news to share *