6 September 2016
Norway's tax administration is planning the introduction of a standard chart of accounts (SAF-T) requirement that would apply for most Norwegian entities and foreign entities with a physical presence in Norway that are obliged to keep accounting records for their Norwegian business activities. An exemption will apply for entities with less than NOK 5 million turnover excluding value added tax.
Entities subject to the requirement will be required to use a standard Norwegian chart of accounts, and if not using the standard, must convert their existing chart into a standard chart in XML format. The new requirement is expected to be finalized in October 2016, and be effective from 1 January 2017.
We’re here to answer any questions you have about the Orbitax products and services.
We’re committed to providing high value, low cost tax research and management solutions.
Our Twitter account is where you can find latest information, news updates, offers and lots more.