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
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Norway
Author: Stefan Ditrih
Category:
Fiscal subject related
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364
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.
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