Norway SAF-T January 2017

Tue 9th Aug 2016

Norway is proposing to become the latest European country to require VAT registered businesses to produce SAF-T reporting. The plan is to introduce the new requirement from 1 January 2017.

The Tax Authority is proposing a reporting threshold of NOK 5 million gross, or annual transactions above 600 per annum.

The OECD launched Standard Audit File for Tax (SAF-T) in 2005 to harmonize the efficient and accurate exchange of date between businesses and national tax authorities. The six reporting structures within the OECD’s XML-based framework include: general ledger; VAT transactions; accounts payable; accounts receivable; stock warehouse; and fixed assets.  Since 2005, six European countries have introduced SAF-T reporting as a route for the tax offices to gain complete records of tax transactions, and produce their own assessments of tax liabilities.