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SAF-T Part 1 (Intro)

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Dynamics 365 Finance

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Jun 7, 2023

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  • SAF-T (Standard Audit File for Tax) is an internationally recognized standard used for electronically exchanging reliable accounting data between organizations and national tax authorities or external auditors.
  • The standard is established by the Organization for Economic Co-operation and Development (OECD) to enable business and accounting software to generate a SAF-T file that contains accurate transaction data in a standardized layout and format.
  • SAF-T enhances the efficiency and effectiveness of internal and external audits conducted by auditors and revenue bodies.
  • The standard was initially published in 2005 and has been adopted by several European countries.
  • SAF-T is already mandatory in certain countries, such as Norway, for reporting accounting data in SAF-T Financial format.
  • The use of SAF-T provides benefits such as increased efficiency and speed of tax audits, decreased compliance costs for businesses, and reduced administrative costs for tax administrations.
  • The SAF-T xml file contains elements related to audit information, master files (general ledger accounts, customers, and suppliers), tax tables, and general ledger entries.
  • SAF-T contributes to streamlining financial processes and facilitating compliance with tax regulations across jurisdictions.

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