Starting January 2020, Norway will require companies to disclose accounting data in the SAF-T format
Starting January 1st, 2020, all companies in Norway that bill more than 500 thousand euros must disclose their accounting data in the SAF-T format.
The Norway Ministry of Finance, by means of a modification to the Bookkeeping Regulation, has established January 1st 2020 as the deadline for all companies operating in Norway with a turnover exceeding 5 million Norwegian Krone (519,718.35 euros) to disclose their accounting data in the standard SAF-T format. In addition, any and all companies that have their bookkeeping information electronically available will also be required to disclose their accounting information according to the new standard.
The Norwegian Tax Administration (Skatteetaten) will request that accounting data be sent in SAF-T format, starting January 1st 2020, or on a voluntary basis prior to that date, and will be mandatory for those companies that meet the conditions mentioned above. In this way, companies must only send said information upon express request of Skatteetaten (The Norwegian Tax Administration).
SAF-T (Standard Audit File-Tax) is a standard format used in the exchange of accounting data and is the result of a joint development collaboration between the business community, the accounting sector, and the Norwegian Tax Administration, based on a recommendation by the Organization for Economic Co-operation and Development (OECD).
Benefits of the new accounting data exchange system through the Norwegian SAF-T standard
- It will streamline the exchange of financial information between companies and the government.
- It will be easier for companies to perform internal control audits.
- It will facilitate the accounting system change and integrate various systems.
- It will make audits performed by the Norwegian Tax Administration more efficient, thereby reducing processing times as well as human error, thanks to the fully automatic process.
To comply with the regulation, companies must be prepared to provide the new accounting information and send it in the SAF-T format to the Norwegian Tax Administration via Altinn, the Internet portal for digital dialog between business, individuals, and Norwegian government agencies.
The EDICOM platform makes it possible to collect all the required accounting information from each company’s management system. Our system adapts all of said data to the SAF-T standard and sends it to the Norwegian Tax Administration through Altinn, in a fully automatic process.
The new requirement to use the SAF-T format joins other measures that the Norwegian government has gradually adopted towards digitization of its entire set of management processes.
It is in line with the policies proposed by the European Union, such as, for example, the requirement for public administrations to manage electronic invoices, as required by European Directive 2014/55/EU, which became effective last April.