Summary 19 posts
For nearly a year, in Hungary taxpayers have been required to report their invoices issued to domestic taxpayers in real time, whenever the chargeable VAT exceeds HUF 100,000. What are the most common faults and challenges in the Hungarian online invoice reporting?
Read moreAt the moment there is no clear single scenario with respect to how the Brexit will evolve (no-deal Brexit, postponing the Brexit, some sort of deal, etc). We think reasonably prudent businesses should start preparing for no-deal Brexit, despite the probability of other scenarios.
Read moreReal time invoice data reporting sets out explicit rules on the tasks related to invoices compliant with basic criteria. The legal regulation also provides guidelines on what to do in cases when the original invoice is not included in the set of data required to be reported, but due to its “afterlife”, it nevertheless generates a reporting obligation.
Read moreOn 5 December 2017, the Council adopted new rules making it easier for online businesses to comply with VAT obligations.
Read moreHungary extended the scope of the food chain supervision fee (FCSF) to foreign businesses registered for VAT in Hungary. Previously only domestic companies were obliged to pay FCSF. The food chain supervision fee (FCSF) is a tax on the food supply chain activities. FCSF rate is 0.1 % and it is levied on the net sales revenue derived from such activity.
Read moreOnly a few know that the member states of the Persian Gulf Cooperation Council, i.e. Saudi Arabia, the United Arab Emirates, Bahrain, Kuwait, Qatar and Oman started a common customs union in the Persian Bay area from 2015.
Read moreMihaly Varga, minister of National Economy of Hungary has stated in an interview with local newspaper that the online invoice reporting will be postponed until 1 July 2018. According to the statement businesses will be able to test the system as early as 1 July 2017.
Read moreThe Hungarian Parliament has postponed the requirement to provide real time invoice data to the Hungarian Tax Authority (HU TA) until 1st July 2017.
Read more12 October is also the deadline for social security contribution and social contribution tax return filing and payment for foreign enterprises not having the obligation to register in Hungary.
Read moreCurrently, businesses registered in Hungary are required to provide additional information on invoices with a VAT value of at least 1,000,000 HUF.
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