Norway confirms mandatory SAF-T Jan 2020
- May 21, 2019 | Richard Asquith
Norway is on track to become the latest country to impose mandatory Standard Audit File for Tax (SAF-T) for businesses from 1 January 2019. Norwegian SAF-T will only be required on demand from the tax authorities, typically immediately before a tax audit. It has already been in place on a voluntary basis.
The first version of SAF-T Standard format Financial data (SAF-T Financial) contains account specifications (general ledger) and supplier and customer specifications (subsidiary ledger). Cash register data (SAF-T Cash Register) is also required.
Businesses below NOK5 million, and not storing their data electronically, will be exempted from the requirement.
Norway has adopted the OECD-developed framework for SAF-T, originally published in 2005. This provides standard schemas for reporting transaction-level details to tax authorities.
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