Online invoicing system contributes to whitening economy, says finance minister

Hungary’s comprehensive online invoicing system has been operating seamlessly since its introduction in July 2018 and has contributed to a 403 billion forint jump (EUR 1.3bn) in VAT revenue year on year, Finance Minister Mihály Varga told MTI on Tuesday.

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.

Online invoicing helps targeted and swift action against fraud, he said.

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 said.

Its implementation alone prompted certain companies to invoice according to their actual income, he said.

NAV also compares online invoices with data from other digital systems such as the Electronic Public Road Trade Control System (EKAER), Varga noted.

Source: MTI