Are you ready for SAF-T? We are!
Talking with our customers about tax reporting from Oracle e-Business Suite it continuously emphasise the fact that VAT regulations are changing rapidly and are changing now! So actions are required.
Brexit, Gulf States that start to implement VAT and Standard Audit Files for Tax (SAF-T) are some examples of this changes.
SAF-T for example was originally created by the OECD to give tax authorities easy access to relevant data in an easily readable format, to allow more efficient and effective tax inspections. Within in the EU SAF-T is currently used in Austria, France (on a voluntary basis), Luxembourg and Portugal.
Spain, Poland and Hungary are adopting SAF-T from July 2017 and discussions on adopting SAF-T have taken place in a lot more countries like Belgium, Croatia, Finland, Germany, Lithuania, Malta, the Slovak Republic, Slovenia and the UK.
Although SAF-T may give the impression that it is a ‘standard’ file format, well it is not. There is a variation in how each country implements SAF-T. You can think of what to report, how to report, who has to report, whether or not to report and maybe the most important when to report.
And file format is one but when you look at Hungary for example a file is just the start. According to recently adopted legislation in Hungary, as of 1 July 2017, taxpayers will need to upload their draft invoice data first, wait for approval from the Tax Authority servers and then issue the invoice with the received verification ID noted.
It feels great that we as 4apps group already started our developments in itax4apps more than 3 years ago, because it gave us a solid base to easily adopt any change, like SAF-T, we have seen the last years.
With itax4apps we support our Oracle e-Business Suite customers with a unique complete VAT reporting solution which supports tax reporting for all countries worldwide.
With itax4apps we create a country specific tax return from a complete VAT summary with the push of a button and it supports our customers with a direct access to the complete audit trail. Itax4apps generates an insight in all reconciliations with your General Ledger based on revenue, output tax and input tax, it provides ICP / ICV listings or your VAT MOSS reports, and…..creates the country specific SAF-T files.
Interested? Join our webinar on March 30 to learn more about our itax4apps solution.
Learn more about our itax4apps solution.