What is Real Time Invoice Reporting?
To reduce the VAT gap, Hungary in 2018 July turned its attention to controlling the VAT of sales invoices, by introducing business-to-business(B2B) transaction level reporting. The VAT information of invoices issued should be declared electronically to the National Tax and Customs Administration of Hungary(NTCA).
Sovos Foriba provides an SAP add-on for Real-Time Invoicing in Hungary. The solution runs within the SAP and is compatible with the NTCA standards. It covers the steps of creation Invoicing Records in XML format in SAP.
Who is in scope?
From 1 July 2018, taxpayers are obligated to provide invoice data within 24 hours for domestic transactions with a minimum VAT amount of HUF 100,000 (320 EUR). This requirement will affect all businesses registered in Hungary for VAT purposes. Invoice data must be required to report to the NTCA without delay within 24 hours at least.
Sovos Foriba SAP Hungary RTIR Cockpit
- Technical data of data service: exact time, end point identifier
- Billing software data: manufacturer’s name, software name, version number
- Invoice type
- Genuine invoice details
- Modification invoice details
runs on SAP as an end-to-end solution
on-premise / private cloud options
data analytic capabilities
easily customizable upon customer’s needs
can be adjusted based on the customer’s design.
connects internal & external data sources