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Government to launch free invoicing tool for SMEs

The government will provide online invoicing software developed by the National Tax and Customs Administration (NAV) free of charge to users, Minister of Finance Mihály Varga said this week, adding that the program is primarily aimed at small- and medium-sized enterprises (SMEs).

The online invoicing program will contribute to scaling down bureaucracy, as companies will not need to fill and send by post hard copy invoices, Varga said, cited by business daily Világgazdaság.

The software will handle functions such as loading partner information automatically and adding invoiced items rapidly. It will also provide information on invoicing regulations, Varga said. He noted that currently 210,000 companies use invoicing programs.

The minister pointed to the deadline of July 1, when all companies will need to forward invoicing data to NAV. While it is not compulsory to do this using a digital tool, the online software is designed to make the task much easier. Those using third-party software will need to check if it is able to send the required data, Varga noted.

The new software will reduce tax fraud, which is already low in Hungary. While the VAT gap was an average 25.5% in the region in 2015, in Hungary it was only 13.7%. With the new measures, this will likely fall below 10%, Varga said.