- Expansion of Digital Bookkeeping Requirements: Denmark’s new Bookkeeping Act mandates that all accounting data must reside in certified, cloud-ready bookkeeping systems capable of managing structured e-invoices and exporting SAF-T audit files, aiming to enhance audit trails, reduce errors, and facilitate easier VAT control.
- Compliance Timeline and Obligations: Various entities, including companies already filing annual reports and VAT-registered businesses with a turnover exceeding DKK 300,000, must transition to compliant digital systems by January 2025 or January 2026, with strict guidelines on what qualifies as a digital bookkeeping system.
- Preparation and Future Implications: Businesses are advised to assess their current systems, ensure compliance with digital requirements, and train staff on new processes, as these changes align with the EU’s upcoming “VAT in the Digital Age” initiative, positioning compliant companies favorably for future e-invoicing and reporting mandates.
Source RTCsuite
Click on the logo to visit the website
