The Live VAT invoice reporting will be starting from 1st July 2018 as reassured by Hungary in this week, the current domestic sales invoice fillings will be replaced by the new live reporting, however the domestic purchase invoice reporting requirement will remain for now. Also, the time for reporting has gone one step up the ladder, therefore making it stricter since the last update and furthermore, the option of having 24 hours to report of the issuance of any invoice has been taken off. Therefore, submissions must be on time. Non-compliances might be fined as high as up to HUF 500,000 and the requirements apply to invoices with VAT chargeable above HUF 100,000 i.e. a net invoice value of HUF 370,000.
Details for the invoice-schema for e-reporting has been issued by the Hungarian tax office, however the test site is still not live for the software developers. Therefore, the reporting requirements are provided in an XML data structure, where companies will need to map their data to XML maps. KOBAK (a report testing site) will keep a check on the XML File Uploads by testing it.
