- SAF-T is an electronic format for exchanging accounting and tax data in Luxembourg, known as FAIA.
- FAIA enhances financial transparency and simplifies tax audits.
- Introduced in January 2011, it requires businesses to maintain electronic financial records.
- FAIA files must be submitted upon request by tax authorities, not periodically.
- SAF-T reporting is mandatory for businesses under Luxembourg’s Standard Chart of Accounts.
- Non-compliance can lead to fines or tax investigations.
- FAIA files must include header information, master files, general ledger entries, and source documents.
- Files must be in XML format, compatible with Luxembourg’s digital tax system.
- Businesses must submit FAIA files within the designated timeframe when requested.
- Regular internal audits are recommended to ensure compliance.
Source: rtcsuite.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "Luxembourg"
- Circular No. 807-1 – Provision of Company Cars to Employees and VAT Implications
- Luxembourg VAT on Directors’ Fees: Impact of CJEU C-288/22 Ruling and District Court Decision
- Luxembourg’s e-Invoicing Implementation: Compliance, Standards, and Future Developments in Public Procurement
- eInvoicing in Luxembourg
- Benelux Study Day on E-Invoicing (25 March 2025): Conclusions and Strategic Outlook
