Important compliance news alert! Hungarian real-time invoice reporting, how to get compliant in a week!
News? Yes. For some it is news, for others it is a project and the root cause of headaches for meeting the deadline as the requirement will take effect July 1, 2018.
Pincvision has THE solution for real-time invoice reporting: "DEVI - XML Reporting Module" (Declarations for Environmental, VAT & Intrastat) Quickly to implement, hardly any IT involvement, cost efficient and future proof for other new XML based reporting requirements!
Compliance costs are going up, as more demanding reporting requirements are set forth by authorities to prevent VAT fraud. Examples are SAF-T, VAT books, Spain’s SII and now the Hungarian real-time invoice reporting. In general, companies meet these requirements by implementing a country specific software solution glued to ERP or by having the IT department create a specific report in their ERP solution. As a result, consult costs, licenses, implementation and maintenance costs pile-up. You will probably recognize the associated challenge; “No IT resources and budget, no priority or sense of urgency, a gap between compliance and IT knowledge, unclear or late specifications, etc.”
Don’t let your compliance reporting headache turn into a migraine!
When looking at the ‘compliance reporting horizon’, you already see new obligations dawn, for Italy, the United Kingdom, France, Germany etc. “Yes, you feel a migraine of epic proportions coming on as every country defines its own requirements and nothing is harmonized/standardized!” Continuing down the current path to address these reporting challenges is not sustainable, efficient nor will prepare you for what is to come. In addition, compliance operations is becoming increasingly more expensive and harder to maintain. An undo-able task and not a good outlook in a time in which the buzz word is 'Agile'.
“Pincvision may just be what the doctor ordered!”
More specifically, he would prescribe the Pincvision developed DEVI XML Reporting Module.
Our DEVI solution is setup to meet real-time invoice requirements. Hungarian’s real-time reporting services are, of course, also included.
Standard ERP XML invoice data (like SAP’s IDOC xml invoice) is ‘push delivered’ to DEVI, which can handle all sorts of data sources. This makes the solution very flexible and does not require much IT effort from your side. The special XML reporting module in DEVI will pick-up the information and transforms it into the Hungarian NAV defined format. The invoice information will be delivered, using your VAT ID related credentials in real-time. Should the NAV-return a content level error/warning, DEVI sends a notification message via email, allowing you to correct the error.
An overall setup within a week is possible, following 4 easy steps!
Reporting requirements for Hungary: applicable to your business?
- B2B Sales invoices with a VAT amount above HUF100,000 (± €320) are subject to the obligation.
- All VAT registered businesses in Hungary are affected (residing or foreign).
- Invoice data must be transmitted real-time at the moment of issuing the invoice.
- Standard reporting format is setup by the National Tax and Customs Administration of Hungary (NAV).
- Penalties for late or missed submissions will be up to HUF500,000 (± €1,600) per invoice.
- The monthly Domestic Summary Sales Invoice Listing will be dropped. Other returns, including Summary Domestic Purchase Listing still need to be filed.
Together we can still make the deadline of July 1, 2018!
Would you like to make all arrangements in time and stay compliant with your VAT reporting in Hungary? Contact me now.
Gert-Jan van Telgen, Director Business Development. Call me directly via +31(0)88-1234816 or send an email.