VATupdate

New accounting and tax reporting formats (SAF-T) mandatory from January 1st 2020

As the year 2020 begins, Norway faces legislative novelties regarding accounting and tax reporting. The Norwegian Ministry of Finance, following the recommendation of the OECD and in cooperation with the business community and tax administration, has decided that all accounting data in the standard SAF-T (Standard Audit File-Tax) format must be available to the tax authorities for possible control and upon request.

This new regulation has come into force on 1 January 2020.

Source: auxadi.com

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