Portugal extends SAF-T 2018
- Dec 14, 2017 | Richard Asquith
From 1 January 2018, all Portuguese businesses will be required to be able to produce on-demand an annual accounting submission in SAF-T format. This information will support Corporate Tax audits and computations.
This is in addition to the existing monthly SAF-T submission listing all sales and purchase invoices for VAT purposes.
Standard Audit File for Tax (SAF-T) was developed by the Organisation for Economic Co-operation and Development as a schema for exchanging information between companies and worldwide tax authorities. It's aims data such as: sales & purchase invoices; stocks; fixed assets; bank accounts; general ledgers; and customer and supplier master data. Portugal was the first country to adopt the regime for VAT, and other countries have followed, including: Luxembourg; France; Austria; Poland; Lithuania. Norway plans to adopt the reporting system in 2018.
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Researching Portuguese 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.
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