Portugal extends SAF-T 2018

Fri 15th Dec 2017

From 1 January 2018, all Portuguese businesses will be required to be able to produce on-demand an annual accounting submission in SAF-T format.  This information will support Corporate Tax audits and computations.

This is in addition to the existing monthly SAF-T submission listing all sales and purchase invoices for VAT purposes.

Standard Audit File for Tax (SAF-T) was developed by the Organisation for Economic Co-operation and Development as a schema for exchanging information between companies and worldwide tax authorities. It’s aims data such as: sales & purchase invoices; stocks; fixed assets; bank accounts; general ledgers; and customer and supplier master data.  Portugal was the first country to adopt the regime for VAT, and other countries have followed, including: Luxembourg; France; Austria; Poland; Lithuania. Norway plans to adopt the reporting system in 2018.

More about Portuguese SAF-T