Deadline is approaching
09 September 2020
The deadline of full online invoice reporting obligation is approaching
The online invoice data supply will be complete from 2021, as from January 1, the tax authority will see the data of all invoices, even those which were issued to private individuals. The purpose of the significant change is primarily to reduce the black economy, as the change will make almost all control data available to tax auditors.
However, according to the information provided by the Ministry of Finance, in order to ensure a smooth transition to ‘full’ reporting, a penalty-free period from 1 January to 31 March 2021 will be granted for the taxpayers. Until that date, the older specification (XSD 2.0) can be used, however, as of April 1, only version 3.0 will be available.
In order to prepare properly, the tax office has already published the schemes for developers and the comprehensive description of the technical changes on GitHub and onlineszamla.nav.gov.hu.
According to the Ministry of Finance, simultaneously with the ‘full online invoicing’ it may also be a relief for companies from next year that they will get draft VAT returns prepared by the tax authority. Based on the Ministry of Finance’s estimation it can relieve roughly 480,000 businesses from the burden of preparing VAT returns.
The BDO Hungary Tax Advisory Ltd’s experts provide you full support to your business to meet its obligation to disclose online invoice information in real time.