- Update to SAF-T Financial Format: Norway has introduced version 1.30 of its Standard Audit File for Tax (SAF-T) Financial format, effective January 1, 2025. This update enhances transparency and efficiency in financial reporting, with a grace period allowing businesses to transition smoothly from the previous version while maintaining compliance.
- New Features and Structure: The updated SAF-T includes improved data elements and visualization tools, comprising three files: Header, Masterfiles, and GeneralLedgerEntries. This structured approach aids businesses in presenting accurate financial data, facilitating better tax compliance and auditing processes.
- Mandatory Compliance and Reporting: SAF-T is mandatory for businesses using electronic accounting systems, with requirements to prepare and submit SAF-T files upon request from tax authorities. Companies must ensure their systems can generate compliant XML files to avoid penalties and support seamless financial operations under Norway’s regulatory framework.
Source RTCsuite
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