Norway SAF-T January 2017
- Aug 8, 2016 | Richard Asquith
Norway is proposing to become the latest European country to require VAT registered businesses to produce SAF-T reporting. The plan is to introduce the new requirement from 1 January 2017.
The Tax Authority is proposing a reporting threshold of NOK 5 million gross, or annual transactions above 600 per annum.
The OECD launched Standard Audit File for Tax (SAF-T) in 2005 to harmonize the efficient and accurate exchange of date between businesses and national tax authorities. The six reporting structures within the OECD’s XML-based framework include: general ledger; VAT transactions; accounts payable; accounts receivable; stock warehouse; and fixed assets. Since 2005, six European countries have introduced SAF-T reporting as a route for the tax offices to gain complete records of tax transactions, and produce their own assessments of tax liabilities.
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Researching Norweigan VAT legislation is the first step to understanding your VAT compliance needs. Avalara has a range of solutions that can help your business depending on where and how you trade.