Also in the news...
UK-Singapore trade agreement documents
Decisions and other documents from the UK-Singapore trade agreement.
Guidance The UK Sanctions List
Find out which people, entities and ships are designated or specified under regulations made under the Sanctions and Anti-Money Laundering Act 2018, and why.
Foreign travel advice Saudi Arabia
Warnings and insurance Still current at: 15 April 2024 Updated: 14 April 2024 Latest update: 13 April 2024 – drones and missiles fired from Iran into Israel (‘Warnings and Insurance’ page)
Foreign travel advice Kuwait
Warnings and insurance Still current at: 15 April 2024 Updated: 14 April 2024 Latest update: 13 April 2024 – drones and missiles fired from Iran into Israel (‘Warnings and Insurance’ page)
Foreign travel advice Tunisia
Summary Still current at: 15 April 2024 Updated: 14 April 2024 Latest update: 13 April 2024 – drones and missiles fired from Iran into Israel (‘Warnings and Insurance’ page)
New Invoicing Program Functionality Requirements In Hungary
Companies and individuals issuing invoices in Hungary are required to adhere to new processes and program functions from 1 January 2016
The rules in connection with invoicing - how and when invoices can or should be issued, which electronic programs are suitable for this purpose and what the mandatory requirements and built-in functions of these programs are – are very strict in Hungary compared to other European countries.
After introducing a new obligation regarding the reporting of the invoicing program used by entities (including the name and version, owner or developer of the software and the date of the invoice first issued with that software) to the National Tax and Customs Authority at the end of 2014, new requirements will be in force as of 1 January 2016 that relate to making possible a special data export in order to facilitate tax revisions.
According to the Decree Nr. 23/2014 (VI.30.) NGM (hereinafter “Decree”), the invoicing program must include a specific built-in reporting function - the so called „adóhatósági ellenőrzési adatszolgáltatás” (data disclosure for inspection by the tax authority) function. This should enable the program to produce an electronic file in a set format upon request of the Tax Authority that contains the invoices
a) issued within a specific period designated by entering the opening and closing date (year, month, day), or
b) within a specific range of serial numbers designated by entering the number of the first and last invoice in that range.
This requirement applies to invoices, credit notes and modifying invoices issued on and following 1 January 2016.
In order to ensure compliance with the Decree, it is recommended that entities verify with the developer of the invoicing software, that this reporting function will be available as of 1 January 2016.
Non-compliance with the Decree may result in a default penalty up to HUF 500,000 (approximately EUR 1,600).
Need more information? Get in touch with our experts in Hungary.