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Electronically Transmit Accounting Data to Tax Authorities With SAF‑T

SAF-T For Tax Compliance

WHAT IS SAF-T?

SAF-T is an international standard, first defined by the OECD (Office for Economic Co-operation & Development), for the electronic transmission of accounting data from enterprises to national tax authorities.

Its aim is to make tax audit much simpler and less costly by defining the mandatory data required for tax submission.

HOW CAN WE HELP YOU?

SAF-T adoption is defined on a country-by-country basis and is becoming increasingly more adopted by national authorities (and therefore MXP customers). Therefore, we have enhanced the product to ensure that:

  • required data (particularly vendor and invoice data) is captured in expenses to support SAF-T
  • Each organisation can choose how best to ensure accurate vendor data is added per expense - via:
    • Manual Input
    • Approved Vendor List (AVL)
    • Online WebService
  • Controllers can easily view and validate the vendor information captured by the user
  • Reporting outputs can be updated to include the required SAF-T information

The outcome for MXP customers is that you can more easily file your VAT reclaim and tax deduction documents, with the correct and complete required information, aligned to SAF-T standards.

Standard Audit File for Tax SAF T Feature
Controllers View of Expense With Vendor and Invoice Data

Posted on 22 Dec 2021

Ready to make your expenses effortless?