VATupdate

New digital VAT return from January 2022

A new digital VAT return will be introduced as of 2022. The VAT return will be based on SAF-T codes, and will be more detailed than the current VAT return, including bad debts reporting, VAT adjustments and reversal of input VAT and withdrawal VAT. The new return will demand more from companies in respect of correct registration of data in their accounting systems and there will be less room for manual corrections. We also expect that the new format will open up a whole new range of controls and analysis of the data, at a deeper level than what is currently possible. With less than a year until the new VAT return is introduced, we will in this blog give an overview of what we know – and don’t know – so far about the new VAT return.

Source: PwC NO

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