E-Invoicing Could Add HUF 100's Billions To Fiscal Revenue

  • 1 Aug 2018 9:14 AM
  • Hungary Matters
E-Invoicing Could Add HUF 100's Billions To Fiscal Revenue
The introduction of mandatory electronic invoicing could raise budget revenue by “tens or even hundreds of billions” of forints, finance ministry state secretary András Tállai said in an interview published in Tuesday’s issue of daily Magyar Idők.

Businesses are now required to use an electronic system for issuing invoices that automatically reports transactions with VAT of 100,000 forints (EUR 308) or more to the tax office, under rules in effect from July 1 and enforced from Aug. 1.

Fully 250,000 businesses registered to use the system in the month of July and submitted more than 5.5 million invoices, Tállai told the paper.

Mandatory e-invoicing is one of a number of measures Hungary’s government has taken to crack down on tax evasion in recent years.

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