Real-time VAT audit reporting: An automated solution
The introduction of real-time SAF-T reporting in Hungary follows Poland who have had monthly SAF-T reporting for some time, and Spain who implemented the real-time SII obligation in 2017. This trend places an enormous strain on eligible businesses, so ideally an automated tech solution should be considered. In Spain and Hungary, invoices or invoice information must be sent to the tax office in real-time - meaning that there must be a process for eligible invoices to be sent to the tax office almost immediately after being issued by the AR team or captured by the AP team.
In both these jurisdictions, the tax offices has approved software which allows companies to upload the required information directly to the electronic submission portal (assuming the data is in xml format). Currently a manual workaround will be used by most businesses, who will need to implement a process whereby all invoices or an invoice listing is exported into this upload system on a daily or weekly basis (depending on the deadlines). VATGlobal already offers support in this manner.
However, the most elegant solution will be an add-on app that sits "on top of" your ERP system. This add-on would effectively know every time an eligible invoice is created or captured, and automatically export the relevant information to an xml file which can be linked using an API to the tax office submission portal.
VATGlobal's tech team has already made significant advancement in this area for both Spain and Hungary, and we are hoping to release this tech in 2018. As more tax offices implement similar audit requirements, we will be able to customize the code to extend the functionality all countries.
If you want to learn more about the SAF-T obligation or VATGlobal's services in this regard, please contact us for a complimentary consultation.