Economy
Hungary tax authority will get HUF 4.5 bn for online cash register project
The funding needs to be made available for tax authority NAV by 15 December, according to the Official Hungarian Gazette. NAV will call a public procurement tender for the project.
Economy Minister György Matolcsy announced a HUF 397 billion fiscal adjustment package for the 2013 budget on 5 October with the aim to keep the budget deficit below 3% of gross domestic product. One of the measures included in this programme was setting up online connection between cash registers in retail trade and the NAV. The government hopes to boost VAT revenues by HUF 95 billion this way.
Cash registers already include a “black box" that records tax revenues but the online connection will let the tax authority see the information as soon as it is punched in. According to estimates, there are about 400,000 cash registers in use in Hungary.
Economy Minister György Matolcsy announced a HUF 397 billion fiscal adjustment package for the 2013 budget on 5 October with the aim to keep the budget deficit below 3% of gross domestic product. One of the measures included in this programme was setting up online connection between cash registers in retail trade and the NAV. The government hopes to boost VAT revenues by HUF 95 billion this way.
Cash registers already include a “black box" that records tax revenues but the online connection will let the tax authority see the information as soon as it is punched in. According to estimates, there are about 400,000 cash registers in use in Hungary.
