- Definition and Purpose of SAF-T: The Standard Audit File for Tax (SAF-T) is an OECD-developed global standard designed to facilitate the electronic exchange of tax-relevant data between businesses and tax authorities. It provides a structured format, typically in XML, for comprehensive reporting of accounting information, including general ledger entries, transactional data, and inventory, enabling streamlined compliance and audit processes.
- Global Implementation Variations: Different countries have adopted SAF-T with varying requirements; for example, Portugal and Poland mandate periodic submissions (monthly or annually), while countries like France and Austria require on-demand availability during audits. Compliance frameworks and penalties for non-adherence vary, with countries like Romania and Angola implementing gradual rollouts and specific penalties for late submissions.
- Expansion of SAF-T Compliance: The trend towards SAF-T compliance is growing globally, with new frameworks being introduced in countries like Bulgaria and Ukraine. Understanding the specific legal requirements and obligations in each jurisdiction is crucial for businesses to maintain compliance as tax authorities modernize their reporting and auditing processes.
Source eezi
- Several countries have implemented or proposed the OECD’s Standard Audit File for Tax (SAF-T), a harmonized XML schema for exchanging company transaction data with tax authorities to streamline VAT or GST-related processes.
Source: vatcalc.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.
