NAV To Launch Online Invoicing System On July 1
- 8 Jun 2018 10:47 AM
- Hungary Matters
With the testing phase complete, tax authority NAV is ready to launch its online invoicing system for small and medium-sized companies on July 1, Finance Minister Mihály Varga told MTI.
NAV will make the system available to businesses free of charge.
The system will supply companies with information on invoicing rules and help speed up the issuance of invoices. In addition to contributing to the whitening of the economy, the online system will also significantly reduce administrative burdens on businesses, he said.
Varga encouraged entrepreneurs looking to avail of the system to begin making the necessary preparations for it, given the fast-approaching launch date.
Currently, more than 210,000 businesses in Hungary use some kind of invoicing software. NAV will provide SMEs with all the necessary assistance in adapting to the new system, the minister said.
Varga pointed out that the system will increase tax revenue. He cited a European Commission study which found that in 2015 tax evasion was half as prevalent in Hungary as in other countries in the region.
The tax wedge in Hungary is 13.7%, compared with the regional average of 25.5%, he said. “With the introduction of online invoicing, the rate of tax evasion in Hungary could fall even below 10% this year,” Varga said.
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