Norway's tax administration is planning the introduction of a standard chart of accounts (SAF-T) requirement that would apply for most Norwegian entities and foreign entities with a physical presence in Norway that are obliged to keep accounting records for their Norwegian business activities. An exemption will apply for entities with less than NOK 5 million turnover excluding value added tax.
Entities subject to the requirement will be required to use a standard Norwegian chart of accounts, and if not using the standard, must convert their existing chart into a standard chart in XML format. The new requirement is expected to be finalized in October 2016, and be effective from 1 January 2017.
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