On June 1st, "Decree No. 2/2018 (1 June) of the Minister of Finance" was published in the Hungarian Gazette. The regulation, previously released in draft form earlier this year, provides the basis for the new real time electronic reporting obligation in Hungary which is scheduled to go into effect on July 1. As previously announced, data from electronic invoices on domestic B2B sales where VAT exceeds 100,000 HUF must be transmitted to the Hungarian Tax Authority in real time. Additionally, data from non-electronic invoices of the same character must be submitted electronically to the Tax Authority within 5 days. Over the past several weeks, the Tax Authority has also released a number of updates to the technical requirements relating to the electronic submission of invoice data. For further information, please visit https://onlineszamla-test.nav.gov.hu/.
About the Author
Andrew Decker is a Junior Regulatory Counsel at Sovos Compliance. Working within Sovos’ Regulatory Analysis Department, Andrew’s work centers on indirect taxes (VAT, GST, Sales Tax), with a particular focus on jurisdictions in Europe and Asia. Andrew is a member of the Massachusetts Bar with a J.D from Northeastern University School of Law and a B.A. from Bates College.More Content by Andrew Decker