How to adjust to the newest Hungarian tax regulations?
According to the World Bank data, Hungary has one of the most complicated tax system. On average, it takes 277 hours monthly to declare taxes. In comparison, in Switzerland, it’s only 63! From this issue came the need for digitization of these processes.
New Hungarian tax law – Act CXXVII of 2007 on the Value Added Tax* is coming into force. Starting from 1st July, enterprises have to send electronically every issued invoice directly to the Ministry of Finance. Companies now have to face the challenge and adapt their IT landscapes to current regulation.
Files have to be sent to the server in real-time, so it is essential to have an efficient, fast and available application which operates this process end-to-end. The best practice in this area would be having software within company’s accounting systems so that real-time communication with the government server is always possible.
To meet these business needs, Apollogic provides implementation, support and consulting of the solution, which automatically sends proper information to the government agency. It is available for a company using SAP systems from version 4.6 and ready to implement quickly.
Thanks to this solution, the obligation can be meet smoothly and respecting timeframe defined by government authorities. The application takes off the burden of entrepreneurs to worry about making it until the regulation will come to life.
As Apollogic, our experts have broad experience with solutions fulfilling local law regulations (like generating and sending Standard Audit Audit File). Do you want to find out more about this solution? Contact us!
- On 12/06/2018