Real time invoice data reporting – What is easier for the Hungarian Tax Authority (HU TA) to inspect?

According to the current state of affairs, as from 01 July 2018, all invoices issued to domestically registered taxable persons, the VAT content of which exceeds HUF 100,000, are subject to data reporting to the tax authority. All this in real time or nearly real time. But what will the HU TA actually see?
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How to register with HU TA for invoicing data reporting

The first step in invoice data reporting is the taxpayer’s registration at the Hungarian Tax Authority (HU TA). Testing of the sending of data can be started in the tax authority’s system after registration. Taxpayers should use this opportunity on the one hand, because the test system of HU TA can do everything that the live system will, which means that potential errors can already be identified at this point and, on the other hand, going live will also be easier for the taxpayer after testing. Every solution the company may choose for the sending of invoice data in the future, registration is a must for both testing and live operation, so let\'s go through this process.

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Preparation for real-time invoicing data reporting – How do I connect my invoicing program to HU TA?

From July 2018, digitalization of the tax authority’s operation is moving to a new level. Similarly to the connection of cash registers to the tax authority’s system, invoicing programs will also support internal automated processes of the Hungarian Tax Authority (HU TA) real-time with electronic messages and grant the tax authority real-time insight into the invoicing of companies. However, the introduction of automated data supply poses more complex technological challenges and comes with potential pitfalls.

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Gábor Fajcsák, RSM Hungary, Tax Manager, Qualified International and Value Added Tax Expert
Gábor Fajcsák

REIT advantages for small and large investors

The concept of a regulated real estate investment trust (REIT) did not deliver the hopes associated whit it in Hungary until in 2017 the legislator eased the main terms and conditions that seemed too rigorous in the Hungarian market. As a result, not only more favourable taxation terms and conditions but also simpler rules of foundation and operation contribute to the good performance of real estate market actors and portfolios operated in the form of REIT, making this type of operation more attractive to the well-capitalised actors of the real estate market. In addition, given the fact that all REIT-s must be floated on the stock exchange, private and small investors will also find it easier to have access to the real estate market through the shares of such companies.

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