- 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
Click on the logo to visit the website
