SAF-T Tax Reporting Mandatory In Norway From 2020

by Ulrika Lomas, Tax-News.com, Brussels

17 February 2018

The reporting of accounting information using the internationally accepted Standard Audit File for Tax (SAF-T) will become compulsory in Norway from January 2020.

SAF-T is a standard international format for the exchange of accounting data between taxpayers, tax authorities, and external auditors. In Norway, the standard was developed jointly by the business community, the accounting sector, and the Norwegian Tax Administration, based on a recommendation by the OECD. The standard specifies what accounting data is to be exchanged, and also the structure of the data.

The Norwegian Ministry of Finance recently amended the Bookkeeping Regulation so that businesses using electronic accounting systems with turnover in excess of NOK5m (USD642,000) will be required to disclose accounting information in the SAF-T format from January 2020.

Businesses with turnover of less than NOK5m that use electronic accounting systems will also be required to file using the SAF-T format.

TAGS: compliance | Finance | tax | business | value added tax (VAT) | accounting | audit | Norway | VAT compliance matters | Tax