31 January 2017
From 1 July 2017 Hungary will introduce a new real time VAT invoice reporting regime for all business to business (B2B) invoices with a VAT amount above HUF 100,000 (approx.$340).
Businesses involved in these types of transactions will be expected to declare them to the Hungarian tax authorities prior to sending them to their customer. The businesses will then be given a unique invoice number from the authorities that they must show on the sales invoice that they issue to their customer.
Failure to comply with these new rules could result in fines of up to HUF 500,000 (approx. $1,700) per invoice.
LATEST NEWS
Danish decision on OSS compliance reinforces the...
A recent Danish Tax Appeals Tribunal decision has reinforced the importance of meeting VAT reporting obligations under the EU's One Stop Shop (OSS) regime. In...
SEE MORE
LATEST NEWS
Italy extends deadline for recovering Input VAT
Under a new legislative decree issued in August, Italy introduced a positive law for businesses registered for VAT in the country. From 1 January 2027...
SEE MORE
LATEST NEWS
Portugal clarifies VAT correction procedures and...
Portugal's Tax Authority has issued new guidance on VAT invoice corrections and introduced updates to the periodic VAT return, reflecting the country's...
SEE MORE