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Portugal extends SAF-T 2018

  • EU VAT
  • 15 December 2017 | Richard Asquith

Portugal extends SAF-T 2018

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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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.