What is SAF-T?

SAF-T (Standard Audit File for Tax) is an international standard for electronic exchange of reliable accounting data from organizations to a national tax authority or external auditors. In the context of travel expense management, SAF-T involves the digital submission of travel expense records and related financial data to ensure compliance with tax regulations.

🔑 Key Points:

• Standardization ✍️ : Ensures that travel expenses and related data are formatted according to standardized guidelines.

• Compliance 👌 : Helps organizations comply with local and international tax regulations.

• Automation 🤖 : Streamlines the process of data submission to tax authorities.

• Auditability 🧐 : Facilitates audits by providing transparent and structured data.

Example:

A company operating in a country that mandates SAF-T compliance must submit its travel expense records, including receipts and transaction details, in the SAF-T format to the tax authority at specified intervals. This submission includes detailed information about business travel expenses, ensuring that all expenses are properly documented and compliant with tax laws.

Benefits:

• Compliance: Ensures that travel expense reporting adheres to legal and regulatory requirements.

• Transparency: Increases transparency in financial reporting and expense management.

• Efficiency: Reduces the administrative burden of manual reporting by automating the data submission process.

• Audit Readiness: Enhances the organization’s readiness for tax audits by maintaining well-structured and easily accessible data.

To learn more about SAF-T or if it needs to be configured for your company within Mobilexpense app, please contact your Company's Mobilexpense Administrator. 🙂