In the past weeks, Norway Tax Agencies have started to ask for SAF-T reporting from businesses. This is a definite sign that Norways’ authorities are stepping up their efforts to combat VAT fraud.
What is SAF-T reporting?
SAF-T is an XML format that contains financial and accounting information. This type of report is typically filed electronically with the tax authorities. The main purpose of this report is to help the authorities verify that businesses are correctly declaring their taxes. In other words, it makes it easier for the government to detect and prevent fraud.
Why are the Norway Tax Agencies asking for SAF-T reports?
The Norwegian authorities have been working on implementing SAF-T reporting for a while now. The original plan was to make it mandatory for all businesses from January 1st, 2020. However, due to the coronavirus pandemic, this date was pushed back to July 1st, 2020.
It’s likely that the Norway Tax Agencies have started to ask for SAF-T reports earlier than planned because they want to get a head start on combing through the data. By asking businesses for their reports now, they can start flagging any potential cases of fraud before the July 1st deadline.
What does this mean for businesses in Norway?
If you haven’t already done so, you should start preparing your SAF-T report as soon as possible. If you need help getting your report ready, please don’t hesitate to contact us. We can help you ensure that your report is accurate and meets all the requirements set by the Norway Tax Authorities.
The Norway Tax Authorities have started asking businesses for their SAF-T reports sooner than expected. This is likely due to their desire to get a head start on identifying any potential cases of VAT fraud before the July 1st deadline. If you’re a business owner in Norway, make sure you have your report ready and contact us if you need assistance in preparing it.