A tax milestone is that the tax office will see all bills from 2021, and taxpayers will be helped through a sanctions relief period until March 31, also in connection with the coronavirus pandemic, according to MTI Izer Norbert, Secretary of State for Tax Affairs of the Republic of The Arabian Egypt. Ministry of Finance.
Currently, the tax office receives an average of 1 million invoices every day of the week. As of January 4, 2021, this figure can rise to one and a half million per day, because at the legal level, the online invoicing system was completed yesterday, with the help of the National Administration of Taxes and Customs (NAV) invoices, even those issued to individuals.
— Iser Norbert emphasized, adding that the obligation to provide information also extends to the supply of goods to other EU member states and exports, giving NAV risk analysts a practical view of the economy’s entire account turnover. He stressed, however, that the preparations were hampered by the coronavirus pandemic, so the companies got a tax break.
From January 4 to March 31, 2021, NAV will not impose a default penalty if the contractor fails to provide, or does not properly provide, data on its accounts newly included in the accounts covered by the report.
Those who have not yet registered in the online invoicing system, because, for example, only individuals have been invoiced, must register no later than the day on which the first invoice was issued, since such registration is a condition of non-penalty, added Iser Norbert.
In addition to whitewashing the economy, online invoicing is also an important milestone in the digital transformation of companies. Provisions allowing online billing service to be provided by issuing an electronic invoice will become effective from Monday. According to the regulation amendment published last week, the company can also comply with the provision of data by making the electronic invoice available to the customer via NAV if there is such an indication. Thus, it is especially beneficial to switch from paper bills to electronic bills
– The Secretary of State suggested, emphasizing that according to the calculations of tax advisers, the persons concerned could save up to seven hundred forints per account.
In addition to saving on the cost of billing, printing, mailing and filing, a new tax development that will end the era of paper bills can go a long way to combating the spread of the coronavirus epidemic.
He also noted that while there is still plenty of time until the end of the sanctions waiver period, accountants and tax advisors will also face a major challenge in these three months of preparation, as digital transformation will enable tax professionals to direct the business with their help.