Norway SAF-T Part 1
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SAF-T is an initiative led by the Organisation for Economic Co-operation and Development (OECD), aims to standardize the elements, structure and format of accounting data.
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Norway SAF-T Part 1
- 1. NORWAY SAF-T AREYOU READY ? Part 1 – The Basics Paul Antunes Sep’17
- 2. • SAF-T, an initiative by the Organisation for Economic Co-operation and Development (OECD), aims to standardize the elements, structure and format of accounting data. • Governments are adopting methods to enable them to conduct audits remotely in a more effective manner and combat fraud in almost real time , by detecting indirect tax errors and weaknesses in taxpayers’ accounting systems and controls. • There are subtle differences in the way SAF-T is being implemented in these countries. For example, in Norway, SAF-T is required only in the case of a tax audit, while in other countries all VAT registered organisations must submit a SAF- T file on a monthly or quarterly basis with different data. • In Norway, much like the other countries, the move to SAF-T will require businesses to make significant changes to their IT systems and internal processes, and rapidly respond to ever changing eGovernment legislation. • Organisations will be required to integrate their accounting systems with government tax collections systems and implement monitoring capabilities. • Are you eligible ? All companies that maintain accounting records electronically and that are subject to Norwegian accounting rules will be required to submit SAF- T files once the law goes into effect - except those with less NOK 5 million in turnover or fewer than 600 documents a year but there are exceptions to this. Only companies with a TO less than NOK 5mil p.a. or fewer than 600 documents are eligible 2017 data may already be requested in SAF-T format by authorities Norway will soon require the submission accounting records electronically Key date - 1st April 2018
- 3. NEXTWEEK – PART 2 Who will have to produce the required accounting in the SAF-T format ? Will SAF-T replace the tax return reporting ? When will the standard be formally introduced ? Will there be transitional arrangements ?