Hungarian online invoice system contributes to “whitening economy”

Hungary’s comprehensive online invoicing system has been operating seamlessly since its introduction in July 2018 and has contributed to a HUF 403bn jump (€1.3bn) in VAT revenue year on year, said the Finance Minister Mihaly Varga.

Varga noted that millions of electronic invoices contained a huge amount of data, an analysis of which enabled law-abiding taxpayers to be distinguished from non-compliant businesses.

Online invoicing helps targeted and swift action against fraud, he said." data-share-imageurl="">