Big changes may come in the invoicing and VAT declaration practice

By: Trademagazin Date: 2023. 07. 28. 12:09

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The EU’s newly launched package of measures called “VAT in the digital age” (ViDA) may radically change the invoicing and VAT declaration practices of the EU member states. What changes should we expect in the Hungarian market, how can we best prepare for the new developments? We will cover this in this article.

The aim of the draft EU directive is to harmonize the accounting practices of the member countries at the EU level. The package of proposals is not yet final, negotiations are still ongoing. If the changes do come into effect on the planned date, in 2024, they will affect all companies and individuals issuing invoices. With the entry into force of the package in Hungary, businesses will be required to issue e-invoices with structured data on both the issuing and receiving side of the electronic invoice.