New digital VAT reporting from 2022
As a part of the Norwegian Tax Authority’s project for modernization VAT, it is announced that a new VAT return format based on the SAF-T codes will be in force from the first VAT period in 2022.
The new VAT return will be based on the SAF-T codes. In this article, we explain what this means and how it will impact your business.
VAT audits with SAF-T
What story does your data tell about your company?
From January 1st, 2020 SAF-T (Standard Audit File – Tax) is the mandatory format for submitting accounting data to the Tax Authorities in VAT audits and controls. The SAF-T file includes large amounts of data at a granular level and says a lot about your business, accounting, and tax treatment.
SAF-T Audit services
It has now been mandatory to be able to share a SAF-T file with the tax authorities on request for over a year. Have your company received a request from the authorities to share a SAF-T file with them but not sure what to do next? Regardless of what question you have, we can help you.
Norwegian Standard Audit File – Tax (SAF-T) from 1 January 2020
The Ministry of Finance have decided that SAF-T will be voluntary until January 1, 2020, at which point it will become mandatory to deliver on SAF-T format for all bookkeeping entities (i.e. subject to the Bookkeeping Act).
SAF-T: A New Era for Accounting, Tax and VAT
The Norwegian Tax Authorities will use the SAF-T file to perform controls and tax audits. Their long-term strategy for SAF-T is to replace other reporting activities, such as, VAT forms, tax filings etc.
The Norwegian Tax Authorities have proposed that, as of 1 January 2017, entities subject to the Bookkeeping legislation in Norway will be obliged to submit the SAF-T in case of audits and controls by the Tax Authorities.
taxCube™ - Deloitte's Market Leading SAF-T Reporting Tool
We have developed taxCube™ SAF-T to assist companies whose current system architecture and existing financial processes necessitates using third party reporting software for SAF-T reporting
Deloitte has developed taxCube ™ SAF-T to assist companies whose current system architecture and existing financial processes necessitates utilizing third party reporting software for SAF-T reporting.
What Kind of SAF-T Reporting Solution Should I Choose?
Your ERP system may not do the reporting job for you
Companies face several possible SAF-T reporting solutions but choosing the right solution requires in-depth knowledge of the SAF-T standard, the company’ system architecture and existing financial processes.