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
please make a donation here
Hot news
Fuel prices in Hungary set to soar as government plans new tax hike on gas stations
Hungary calls for stronger nation-state sovereignty in the EU, rejects treaty changes for political power shift
All Saints’ Day and clock change: Changes to Budapest transport timetables
National Bank of Hungary: Maintaining banks’ strong capital position ‘pivotal
Top Hungary news: magnificent castles, new flights to Budapest Airport, 15th-century sword and change in bottle redemption system – 28 October, 2024
Orbán cabinet: Ill-advised policies jeopardising European Union’s existence