Indicator - Economy - You can inquire about the VAT balance daily

Indicator – Economy – You can inquire about the VAT balance daily

The foreign minister mentioned that starting in the summer of 2021, the tax authority will assist companies by submitting a proposed VAT return project. Norbert Iser believes that the electronic value-added tax is based on three basic pillars, and is one of the most important tax office developments in the history of taxation in the 21st century.

This year, the tax office now sees all invoices in the online billing system, which means 550 million online invoices annually. With around 3.5 billion tax vouchers (simplified receipts and invoices) annually, the largest data set is provided by another tax tool, the online cash register system, which has been in place since 2014. This is supplemented by a few hundreds of thousands of electronic customs declarations annually with import data According to the foreign minister.

He said that with the electronic value-added tax system, Hungary will be among the first countries in the European Union to offer the service of recommending the return of VAT, and in the future, many convenience functions will also be available. You can also request daily VAT credit.

It is planned that automatic notification will be requested of either amount limits or some invoices. For example, a company can also set the system to indicate when the amount of VAT due has reached a certain amount. He noted that these tax office services are also unique internationally: they reduce administrative burdens, help digitize the company’s business, and thus make financial resources more predictable and predictable, Iser Norbert said.

Regarding online invoices, he said the duty to report each invoice went into effect on January 4, but the government still gives companies a three-month period without penalty. The National Tax and Customs Administration will not impose a default penalty until March 31 if the contractor does not provide or correctly submits data on invoices that were newly included in the accounts affected by the data supply as of January 4, 2021, for the country.

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(Cover photo: Norer Izer. Photo: Tamás Kovács / MTI)

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