As we have published last year in our article about upcoming changes to Tax Package for 2017, a new requirement will be implemented regarding the itemized reporting of invoices with VAT amount over 100,000 HUF.
Currently, entities are required to prepare and submit itemized VAT report of their invoices with value over 1 million HUF (approximately 3,200 EUR). However, as of July 1st, 2017, this threshold will be reduced to 100,000 HUF (approximately 320 EUR), so the itemized VAT report must be prepared for all transactions which have VAT value above this amount. Credit notes and debit notes also fall within the same guideline, and must be reported accordingly.
It is worth to note that failure to comply with this regulation may result in penalty of up to 500,000 HUF (approximately 1,600 EUR) per each undeclared invoice.
For further info regarding this upcoming change or assistance with regards to preparation of itemized reporting, please contact our experts.
