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Hungary plans to introduce real-time invoice reporting obligation from 1 July 2018. Failure to report the invoices in real time mode may attract an administrative penalty of up to HUF 500,000 (EUR 1700) / invoice.
RSM ConnecTAX is our cloud based, flexible invoice reporting solution ensuring compliance in conformity with the new reporting obligation. Instead of upgrading or rewriting your existing invoicing software, we provide you with a lightweight add-on module designed for the integration into your existing invoicing platform and workflows.
RSM ConnecTAX does all that automatically, without human intervention, through a secure channel, while ensuring that data is not manipulated/corrupted/lost throughout the whole communication process.
Any Hungarian VAT registered entity that issues invoices with a VAT amount above HUF 100,000 (approx. EUR 320) to another entity VAT registered in Hungary will be required to report these invoices without delay to the Hungarian Tax Authority (HU TA). This includes businesses established outside Hungary but registered for VAT in Hungary. If the company uses a billing software(s),or ERP the obligation to send data without delay is set when the invoice is closed. Reporting of the invoice issued for domestic taxpayers with a VAT amount above HUF 100,000 must be done automatically over the Internet, without human intervention at the point of the closure of the invoice from 1st of July 2018. Failure to report the invoices in real time mode may attract an administrative penalty of up to HUF 500,000 (EUR 1,700) / invoice.
Companies need to ensure the proper technical solution for the automated invoice data reporting.
Handling and reporting the content of invoices means confidential information that requires proper technical and security backgrounds. A cloud-based or local solution can also be used to ensure that outbound invoice data is securely forwarded from one or more billing software. The solution of RSM Hungary Digital team combines technology, tax and VAT expertise and experiences.
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