- Introduction of SAF-T Requirements: Denmark implemented the Standard Audit File for Tax (SAF-T) reporting in July 2022, mandating businesses to digitally report tax and financial data to the tax authority, SKAT, in a standardized format to enhance transparency and compliance.
- Phased Implementation Timeline: The rollout of digital bookkeeping includes several key dates: mandatory digital accounting systems began on February 1, 2023, with full compliance required from various business types by July 2024, January 2025, and January 2026, depending on their structure and turnover.
- Submission Methods and Compliance: SAF-T files must be submitted through official channels like TastSelv Erhverv, with businesses required to authenticate their submissions using MitID or similar credentials. Companies are encouraged to prepare by updating their accounting systems, monitoring regulatory changes, and using validation services to ensure compliance.
Source RTCsuite
Click on the logo to visit the website
Latest Posts in "Denmark"
- Denmark to Implement VAT on Leisure and Teaching Courses with New Tax Deduction
- Denmark to Abolish 25% VAT on Books to Combat Reading Crisis and Boost Literacy
- Director Sentenced for VAT Fraud: 1-Year Suspended Sentence and 650,000 DKK Fine
- Municipalities Denied Electricity Tax Reimbursement for Street Lighting Due to Lack of VAT Deduction Rights
- Bill Proposal: Amend VAT Exemption Rules for Education of Youth Under 30 by Ministry of Taxation