What is SAFT-T?
SAF-T stands for "Standard Audit File for Tax". It is an international standard for the electronic exchange of accounting data, developed by the Organization for Economic Cooperation and Development (OECD).
The SAF-T format defines a standardized structure for electronic accounting data that allows tax authorities to perform audits and data analysis more efficiently. It specifies the requirements for data content, format, and structure for various accounting-related transactions and processes, including general ledger, accounts payable and receivable, inventory, fixed assets, and tax information.
Simplifying the data exchange process
SAF-T is intended to simplify the process of data exchange between businesses and tax authorities, making it easier for businesses to comply with tax regulations, reducing the cost and administrative burden associated with tax audits and inquiries, and facilitating the analysis of business data by tax authorities to detect potential fraud or errors.
SAF-T is mandatory in several countries
The use of SAF-T is already mandatory in some countries, such as Portugal, Norway, and Poland, and is being considered or implemented in other countries around the world.
For companies whose accounting systems don’t have option to generate such files, Athene offers solution to convert the data to SAF-T format. This is especially important for clients with a branch (NUF) that are liable to report VAT in Norway.
You're welcome to contact us if you have any questions or need help with any of your international interests.
