Norway: Mandatory SAF-T Reporting
VAT News Updates
22nd May 2019: The Norwegian tax authorities have confirmed plans for the SAF-T launch from the start of 2020.
In 2017, Norway announced to delay the 2018 roll out of its mandatory Standard Audit File for Tax (SAF-T). The Norwegian tax authorities have recently issued information confirming plans for its launch from the start of 2020.
From the 1st January 2020, all companies that keep electronic accounts in Norway will be required to use the SAF-T to report their tax transactional data to the tax authorities. As a result, non-residents will also be impacted.
Norwegian companies have had the option to use a simplified SAF-T since 2017.
What is SAF-T Reporting?
SAF-T is a standardised XML format providing for the electronic transmission of companies’ accounting data to international tax authorities. It eases the compliance burden for businesses as well as allowing tax authorities to accomplish speedier processing through automation.
Exemptions from Norway SAF-T Reporting
Only companies with an annual turnover of less than NOK 5 million, that do not store their bookkeeping information electronically, will be exempt from this obligation. Word processing and spread spreadsheet programs are not classified as electronic accounting systems.
Other countries who have introduced SAF-T Reporting
To date, EU countries that have adopted it include Portugal, Austria, France, Lithuania, Luxembourg and Poland.
If you have any questions regarding SAF-T reporting or any other VAT requirements in the Nordic Region, please feel free to contact our Taxback International team.
See more Taxback International Articles
Estimated €164bn to be lost in VAT due to COVID-19 | The VAT Gap Report 2020
18th September 2020: the VAT lost in the EU is set to increase from €140 billion in 2018, to €164 billion in 2020 due to COVID 19
Global VAT Guide: September 2020
9th September 2020: Brexit to impact distance selling rules, Italy extends split payments mechanism scheme, and much more.
International VAT Rate Round Up: September 2020
8th September 2020: Further VAT rate reductions in Turkey, Thailand and Montenegro. Get all the VAT rate change information you need.