Are you ready for RTIR? Only 5 weeks to take off!
The Ministry for National Economy of Hungary has confirmed the Real-Time Invoice Reporting (RTIR) is to be published as of 1st of July 2018.
With RTIR, VAT registered Hungarian entities (irrespective of their presence is abroad) must report their B2B sales invoices with VAT amount of HUF 100.000 (approx. 320 Euro) to Hungarian Tax Authority (HU-TA) immediately.
Manually generated invoices must be reported to HU-TA within 5 days in case that the VAT falls between HUF 100,000 and HUF 500,000 (approx.320- 1,600 Euro) and from the issuance of an invoice, in case VAT may exceed HUF 500,000 within 1 day.
What are the reporting requirements?
- Domestic sales invoices, no need to report purchase invoices
- Domestic B2B invoices
- Supply invoices with VAT amount of HUF 100.000 (approx. 320 Euro)
In addition, HU-TA announced that these reports must be in a specified (by HU-TA) XML format.
RTIR does not require any change in the layout of the invoices. What is changing is the way of companies need to collect and store the invoice data of their transactions and the way they report them. While the way of reporting the purchase invoice remains the same (Itemized Reporting), sales will have a new system, RTIR.
The coming changes are as follows:
- Companies will need to collect and store invoice data
- The data must be reported in a specified (by HU-TA) XML format.
In respect to RTIR, reports must be generated electronically. It does not matter whether the invoices are hand-based or paper-based. This means that the companies will need their ERPs capable of real-time data transfer by July 1, 2018.
As Foriba, founded in 1999 focused on Digital Government solutions, we are compliant with 12 different countries and compliant with 200+ ERPs including SAP. Therefore, Foriba offers you an end-to-end / fully automated solution inside your ERP (SAP).