The Norwegian Tax Administration will require businesses to use SAF-T Financial Version 1.3 for submitting accounting data starting January 1, 2025, with significant updates including revised balance account structures, VAT details, and mandatory fields. This version is not backward compatible, so businesses must be prepared by the start of their first accounting period in 2025. The changes aim to improve financial reporting efficiency, data accuracy, and consistency across submissions.
Norway Introduces New SAF-T Financial Version 1.3
Public
Norway
Author: Stefan Ditrih
Category:
Fiscal subject related
Views:
276
Content accuracy validation date:
28.10.2024
Content accuracy validation time:
08:06h
The Norwegian Tax Administration has announced the release of SAF-T Financial Version 1.3, which will become mandatory for submitting accounting data starting January 1, 2025. This update brings several significant changes aimed at improving the efficiency and accuracy of financial reporting.
From January 2025, all accounting data submissions must use SAF-T Version 1.3. This version is not backward compatible, so businesses need to ensure they are prepared by the end of their first accounting period in 2025, likely aligning with the first VAT period. For periods before 2025, older versions (1.2, 1.1, 1.0) can still be used alongside Version 1.3.
What are some of the key changes?
- New Structure for Balance Accounts: The update introduces a revised structure for balance accounts related to customers and suppliers.
- Revised VAT and Transaction Details: There will be changes in how VAT and transaction details are presented.
- Mandatory Fields: Several fields that were previously optional are now mandatory.
- New Fields and Data Changes: Three new fields have been introduced, along with changes to data types and character limits.
In Version 1.3, companies must link their accounts to the new Business Specification, which aligns with the Tax Return chart of accounts. This is a departure from previous versions where different mappings could be chosen.
These updates are designed to simplify system transfers, enhance data analysis, and create a more user-friendly standard for processing accounting data. The goal is to streamline financial reporting and ensure consistency across submissions.
Other news from Norway
Norway Extends VAT Exemption for Electric Cars Until 2026
Norway
Author: Ivana Picajkić
Norway plans to extend its VAT exemption for electric cars priced up to NOK 500,000 until 2026, aiming to boost sustainable transportation. Let's find out more on this! Read more
New document was uploaded: Recorded webinar: E-invoicing for Global Retailers
Public
All countries
Author: Kristina Dosen
If you are struggling with complex e-invoicing implementations across multiple countries, and if you are concerned about mounting costs, potential delays, or compliance risks, our webinar will help you to learn how global retailers can streamline e-invoicing efficiently! With countries worldwide mandating e-invoicing, international retailers face unique challenges adapting to new regulations acros... Read more
Norway's payment system incorporates responsible innovation.
Public
Norway
Author: Ivana Picajkić
Norway
Author: Ivana Picajkić
Norges Bank emphasized the importance of responsible innovation in Norway's payment system, balancing efficiency, security, and inclusivity to maintain trust in monetary systems. Key initiatives include exploring instant payments through the Eurosystem’s TIPS service, researching Central Bank Digital Currency (CBDC), and adopting the ISO 20022 messaging standard for improved financial infrastructu... Read more
Norway court's VAT registration decision for foreign online fashion company is now final
Norway
Author: Ivana Picajkić
A Norwegian Court of Appeals ruled that a nonresident online fashion retailer qualifies for simplified VAT registration under the VOEC scheme for B2C sales of small consignments, with the Supreme Court declining to hear an appeal, making the decision final. Read more
New cash payment rules in Norway
Public
Norway
Author: Ivana Picajkić
Norway
Author: Ivana Picajkić
Despite only three percent of Norwegian customers using cash, new legislation mandates that businesses must offer cash payment options for amounts up to 20,000 kroner (about 1,670 EUR) from October 1, 2024. The government has reinforced this right by committing to fine businesses that neglect to comply, underscoring cash's role in accessibility and emergency preparedness. According to a survey by... Read more
Can two companies use the same POS in Norway?
Norway
Author: Stefan Ditrih
Businesses subject to fiscalization obligations can indeed share a common POS system, provided it allows for separate registration of transactions for each entity and keeps payment methods distinct. Read more