SAF – T Standard Audit File for Tax


The objective of a tax audit is to confirm or deny that the business has paid the correct amount of tax at the right time in line with domestic law. The days when an audit was carried out based on spot checks are over, we have already entered the age of computer-assisted audit some years ago. The future will be based on checking complete data based on comprehensive software tests. One of the steps in this direction is the obligation of providing complete data in certain format known as SAF-T.

The Standard Audit File for Tax Schemas have been designed as an international standard of best practice by the OECD. It defines the minimum necessary to extract meaningful information from a business accounting system. SAF-T is a standard of exporting accurate tax accounting data in a format that can be easily read by tax authorities.Read More »

Portugal – Changes in invoicing as from 10 October 2012 and new reporting obligations as from 1 January 2013

Decree Law no. 197/2012 dated 24 of August brings changes in area of invoicing. The concept of “equivalent document” will be replaced by an obligation to issue invoices. At the same time simplified invoicing will be allowed replacing the current regime of invoice exemption and issuing of sales receipts. New rules in area of e-invoicing will make the implementation more business friendly.

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