Tax is going digital across Europe, and SAF-T is an electronic process which is aimed at smoothing out the exchange of tax information between businesses and tax authorities.
The exact data required differs between EU member states, but they can be obtained from your business accounting software and electronically filed with the local tax authority. The main advantage is that each local tax authority can access real-time information to monitor and collect indirect and direct taxes.
With our experience of working with countries across Europe, we can help your business to submit information via SAF-T. We can collect the relevant data to generate your SAF-T file before sending it to the relevant tax authority.
By using SAF-T, your business should receive fewer tax enquiries as the authorities will have a record of your transactions. In time, SAF-T should become standard practice throughout Europe which will save businesses time and money.
However, the current system still varies across the EU, so data needs to be gathered from multiple sources and transferred into a SAF-T file. This can be complicated and time consuming with plenty of potential for mistakes.
The tax specialists at VATINT can help your business comply with the requirements of SAF-T, resulting in a quicker and hassle-free experience.