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.
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