Specific VAT reporting 07 01 2018 EN

Specific VAT reporting rules from July 1, 2018  

We would like to inform you about the main changes of VAT rules effective from July 1, 2018: According to the current rules, corporations have to submit a separate VAT report as an appendix to the regular VAT return to the Tax Authority listing all incoming and outgoing invoices for which the VAT amount is higher than HUF 1 million.

This HUF 1 million limit will be reduced to HUF 100,000 effective from July 1, 2018.

Additionally, those outgoing invoices where the VAT amount is higher than HUF 100,000 have to be reported online to the Tax Authority’s system.

-if the invoice is made by an invoicing software, it has to be automatically and immediately reported,

-if it is handmade, within 5 days from issuance, via manual input on the Tax Authority’s website, if the VAT amount is higher than HUF 500,000, within 1 day from issuance

Failing to comply with those could result penalty up to HUF 500,000 per invoice.

For further details please check the following link: