SAF-T is a standard format used in the exchange of accounting data. The format 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 OECD.
The Ministry of Finance is considering in a hearing a proposal that the requirement of providing accounting data in this format should apply to any party with bookkeeping obligations as of 1 January 2017.
However, we expect that this will remain a voluntary arrangement up until 1 January 2018.
Businesses with less than NOK 5 million in turnover, or fewer than 600 documents a year, are exempt from this requirement. However, if these businesses do have bookkeeping information electronically available, the requirement will apply to them.
Updating accounting systems
System suppliers must adapt their accounting systems so that they support the new standard. Businesses with bookkeeping obligations must make sure that they use updated accounting systems.
The introduction of the standard format will make it easier for those obliged to keep accounts to submit accounting records to public authorities when requested to do so. It will also be easier to perform internal audits, and analyse and share data with others, such as external auditors for example.
In the long run, the standard will make it easier to keep accounting records.