Luxembourg introduced the Standard Audit File for Tax (SAF-T) on 1 January 2011.
Luxembourg’s version of SAF-T is FAIA (Fichier Audit Informatisé Administration de l’enregistrement et des domaines). It is limited to resident companies subject to the local chart of accounts. There is a reporting threshold of €112,000 per annum.
It is only required on demand from the tax authorities, generally prior to a full audit. FAIA is an XML-format report of accounting transactions, but may also be delivered in XBRL or DBF. It is based on the 2.0 OECD SAF-T model.
Luxembourgian SAF-T audit files includes:
- General Ledger Accounts
- General Ledger Entries
- Source Documents
- Sales Invoices
- Purchase Invoices
There are three schemas:
- 1. FAIA_Full Schema: for the majority of companies with full accounting software packages
- 2. FAIA Reduced: for businesses using separate accounting and invoicing software
- 3. FAIA Reduced B: only using accounting software
SAF-T is an electronic schema developed for the efficient exchange of information between the tax authorities and businesses. It was created by the Organization for Economic Cooperation and Development in 2005 as a standard to be used globally to ensure consistency from country-to-country to facilitate exchange of data between tax authorities. The file requirements are expressed using XML, although the EU does not specify the exact file format.
There are generally five reporting requirements:
- 1.General ledger and supporting journals
- 2. Accounts payable, including supplier master data and invoices
- 3. Accounts Receivable, with customer master data and invoices
- 4. Warehouse inventories, and master data
- 5. Fixed assets ledger, including amortisation
Latest Luxembourgian news
December 12, 2018
On 12 December, the European Commission published details of a new rule which would make large online marketplaces responsible for calculating, collecting and remitting VAT on certain B2C cross-border transactions below €150. Where goods are imported by an EU or non-EU merchant, and then sold via a marketplace in another EU country..
August 19, 2018
From 31 July 2018, Luxembourg has introduced VAT Groups which permit closely bound, but legally independent, tax payers to file a single, combined VAT....
April 5, 2018
European countries are increasingly demanding detailed electronic VAT transactional reporting from businesses to help them efficiently track tax due and reduce significant tax evasion....
- Czech Republic
- United Kingdom