Also in the news...
Sovereign Group Acquires PRO Partner Group to Further Expand its GCC footprint
The new partnership brings wider global market access to the Middle East
Cyprus to attract foreign professionals and headquartering, with new bill for favourable tax arrangements
The Cabinet of Ministers approved, on 10 May, a new tax incentive scheme aimed at attracting foreign talent to Cyprus and encouraging international companies to relocate their headquarters to Cyprus.
UAE amends Golden Visa, introduces new Green Visa and long-term entry permits
The UAE Cabinet announced, on 18 April, the introduction of new executive regulations that expand eligibility to the existing 10-year Golden Residence Visa, create a new five-year Green Residence Visa, and bring in extended entry permits for tourists, visitors, jobseekers and students. The new rules are scheduled to come into effect in September of this year.
A holistic approach to alternative residency and citizenship planning
The Residency and Citizenship (R&C) industry is continuously evolving with the creation of new government programmes, the addition or removal of options and benefits within existing programmes, or the abolition of programmes that are no longer considered beneficial to the economy or society.
Northern Irish start-up beats established competitors to win transformative export contract
Northern Ireland-based Circular Group used the General Export Facility from UK Export Finance to secure a major £4 million competitive contract
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.