As of January 1, 2025, Denmark will implement new digital bookkeeping regulations as part of the Danish Bookkeeping Act. The Danish Business Authority has announced that all companies will be required to adopt a digital bookkeeping system capable of processing and storing electronic invoices, managing relevant documents, and supporting the SAF-T (Standard Audit File for Tax) format for data exchange.
Denmark's New Bookkeeping Act Takes Effect January 2025
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Denmark
Author: Ivana Picajkić
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Fiscal subject related
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Content accuracy validation date:
13.12.2024
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While electronic invoicing will not be mandatory right away, businesses must ensure their systems can handle and archive such invoices. Failure to comply with these requirements could lead to fines of up to DKK 1.5 million (approximately 201,145.50 EUR) and may result in auditors issuing a qualified opinion in annual reports.
The Danish Business Authority is actively informing businesses about these upcoming changes, particularly those required to submit annual reports. Companies using approved standard bookkeeping systems will not need to ensure compliance themselves, as their system providers will manage this responsibility. However, businesses utilizing customized systems, such as SAP, must verify that their solutions meet the new legal standards.
This move is part of Denmark's broader effort to modernize its accounting practices and combat tax fraud while enhancing the efficiency of financial reporting.
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