SAF-T reporting for European Countries

Saunak Chowdhury

Description

SAF-T (Standard Audit File for Tax) is an international standard for the electronic exchange of reliable accounting data from organizations to a national tax authority or external auditors. The standard is defined by the Organisation for Economic Co-operation and Development (OECD). The file requirements are expressed using XML, but the OECD does not impose any particular file format, recommending that (para 6.28) "It is entirely a matter for revenue bodies to develop their policies for implementation of SAF-T, including its representation in XML. However, revenue bodies should consider data formats that permit audit automation today while minimizing potential costs to all stakeholders when moving to new global open standards for business and financial data such as XBRL, and XBRL- GL in particular."

The standard is now increasingly adopted within European countries as a means to file tax returns electronically. Oracle Cloud tax should provide a standard report tailor-made for each EU nation since SAFT reporting differs for each EU country. This should be provided as a standard feature as this is a legal and statutory requirement.

Use Case and Business Need

The standard is now increasingly adopted within European countries as a means to file tax returns electronically. Oracle Cloud tax should provide a standard report tailor-made for each EU nation since SAFT reporting differs for each EU country. This should be provided as a standard feature as this is a legal and statutory requirement.

Original Idea Number: de10a30d48