According to the decision of the Hungarian central bank (MNB), Ft 1 and Ft 2 coins cannot be used for payment from March 1, 2008.The tax authority APEH has issued new guidance on tax issues in relation to the withdrawal. The opinion identifies significant new obligations for certain invoicing and receipt issuing systems.
In case of cash payments, the payable amounts have to be rounded to the nearest five Forints: amounts ending with 1, 2, 6 and 7 are to be rounded down; whilst amounts ending with 3, 4, 8 and 9 are to be rounded up. These rules will usually only apply to actual cash payments with coins and bank notes; bank transfers will generally be unaffected. The difference caused by the rounding is not part of the VAT base or the sales revenues of the taxpayer. Therefore, this difference should not have to be indicated in the invoice or receipt. Based on the new guidance, however, this exemption from invoicing only applies if the taxpayer cannot or will not indicate the actually ‘Payable’ amount in the document. If the invoice shows a ‘Payable’ amount, the amount indicated must be the rounded Forint value. This means that cash registers and invoicing software would have to be amended based on the strict interpretation of the guidance, if they show the ‘Payable Amount’ (as opposed to just totals or gross amounts). (KPMG press release)