Norway will introduce an on-demand compulsory Standard Audit File for Tax (SAF-T) requirement for taxpayers from the 1st January, 2020. The introduction of the electronic tax transaction data reporting had been planned for 2018.
SAF-T has been a voluntary arrangement for providing the Norwegian tax authorities with information of tax transactions since 2017.
Norwegian SAF-T requirements will primarily include: general ledger; accounts receivable; and accounts payable. Data will have to be provided to the tax authorities in XML format, take out from the company’s accounting or ERP system. It can then be filed through the public tax portal, Altinn.
All taxpayers, including non-resident VAT registered businesses, above the reporting threshold will be required to be able to arrange and submit SAF-T files. Originally, there will be a SAF-T sales threshold of NOK5mln per annum – around €550,000.00 per annum.
SAF-T VAT reporting
SAF-T is an electronic XML file protocol designed to allow the efficient and consistent exchange of tax information between companies and international tax authorities. It was designed by the OECD, and has been executed across many countries in the EU and beyond. SAF-T submissions can include information on transactions from the: General Ledger; Purchase Ledger; Sales Ledger; Fixed Assets; Stock Movements; and Bank Accounts.
It has even now been embraced in Portugal, Austria, Luxembourg, France and Lithuania. Other countries include Malaysia.
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