- From 2025, companies must adapt to changes in domestic summary reports known as M sheets
- The autumn tax package mandates more accurate data provision to the Tax Authority for domestic transactions
- The ViDA package, VAT in the Digital Age, introduces significant changes for companies and authorities
- M sheets now require exact amounts instead of previously allowed rounding
- New regulations mandate the use of exact net and VAT figures in forints on M sheets to align with partner online invoice data
- Digitalization is reducing the prevalence of manual VAT reporting, with software aiding in faster and more accurate data entry
- Companies need to update their programs by 2025 to comply with new data provision requirements while retaining the option to use old rounding methods for VAT returns filed before 2025
- The Tax Authority is promoting the use of the eVAT system, which can exempt taxpayers from the need to fill out M sheets
Source: vgd.hu
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
