Hungary's new online invoicing adds 403 billion HUF to VAT revenue in 2018
The finance minister said the new system ensures that online invoicing helps targeted and swift action against fraud
Hungary’s finance minister has revealed that Hungary’s new online invoicing system has been operating seamlessly since its introduction in July 2018 and has contributed to a 403 billion HUF jump (1.3 billion EUR) in VAT revenue year-on-year.
According to MTI, Mihály Varga noted that millions of electronic invoices contained a huge amount of data, an analysis of which enabled law-abiding taxpayers to be distinguished from non-compliant businesses.
The finance minister said the new system ensures that online invoicing helps targeted and swift action against fraud. It provides the tax authority NAV a large amount of data in real time, which helps to uncover fraudulent activity and is a deterrent in itself, he added.
Minister Varga said its implementation alone prompted certain companies to invoice according to their actual income. He added that NAV also compares online invoices with data from other digital systems such as the Electronic Public Road Trade Control System (EKAER).