Poland issues SAF-T VAT
The Polish Ministry of Finance has issued detailed guidance on the Standard Audit File for Tax (SAF-T) requirements for VAT reporting from July 2016.
SAF-T is a harmonized format for electronic reporting to tax authorities. It was developed my the 34 member states of the Organisation for Economic Co-Operation and Development (OECD). Poland is the latest European country to adopt the regime, which enables the tax authorities to take electronic downloads of company transactions for analytical review.
The Polish guidance covers the XSD formats for;
- Accounting transactions;
- Bank transactions;
- Profit & loss transactions; and
- VAT purchases and sales – including details of intra-community supplies.