T. R. U. S. T. - Automatic completion of domestic recapitulative statements (‘M-sheets’)

Owing to its modular setup, our ‘T. R. U. S. T.’ solution is also available as a stand-alone software application that allows automated completion of domestic recapitulative statements.

Tax legislation introduced on 1 January 2013 and amended on 1 January 2015 requires taxable persons to complete, as part of their VAT returns, a domestic recapitulative statement on all transactions where the VAT content reaches or exceeds HUF 1,000,000.

According to legislative changes coming into force on 1 July 2018, the above threshold will be significantly lowered, meaning that a domestic recapitulative statement will have to be submitted for all domestic acquisitions where the VAT content reaches or exceeds HUF 100,000, as well as for all supplies for which an invoice is issued on a pre-printed standard form. As a result, preparing and verifying the domestic recapitulative statement will further add to the already time-intensive process of preparing VAT returns.

Our T.R.U.S.T. solution offers automated completion of all ‘M-sheets’ of the domestic recapitulative statement, including correction sheets, and eliminates errors arising from manual data entry.

Kapcsolat

Deák László

Deák László

Partner, PwC Hungary

Farkas Gábor

Farkas Gábor

Igazgató, PwC Hungary

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