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Norway SAF-T January 2017

Norway SAF-T January 2017

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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VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.