Jan 2025 next phase Bookkeeping Act: digital booking; e-invoicing; and SAF-T
The implementation of the Danish Bookkeeping Act main digital requirements is now underway. Under the 2022 Danish Bookkeeping Act, Danish resident businesses are mandated to record and store their accounting records on approved accounting or ERP systems, plus send and receive structured e-invoices. This included in 2023 obliging main package and ERP providers to certify their offerings with the Danish Business Authority.
There is a phased implementation of the new reporting requirements as follows. When eligible entities start a new accounting period, they must follow the requirements.
- 1st July 2024: taxpayers already with annual Erhvervsstyrelsen reporting obligations
- Jan 2025: Businesses without certified accounting systems:
- Maintain digital bookkeeping;
- Be able to issue and receive of e-invoices; and
- Able to produce SAF-T format data on tax authority’s request.
- July 2026: any other businesses with a turnover of more than DKK 300,000; July for in-house developed accounting systems
Denmark imposed e-invoicing on B2G transactions in 2005 using the PEPPOL BIS 3.0 and OIOUBL format via the NemHande portal.
Read our Danish VAT guide here.
The requirements include a form of Danish SAF-T, based on the OECD model. Relevant SAF-T reports are only required on-demand by the tax authorities. This is similar to the UK Making Tax Digital plan, seeking to ensure the entire order to reporting path is digitised and manual processes are expunged.
There will be a threshold for the new obligations of turnover above DKK 300,000, approximately €40,300, in the last two calendar years. But all companies will be required to submit the annual the Erhvervsstyrelsen (Danish Business Authority).
EU review of Digital Reporting Requirements
The EU is also reviewing EU e-invoicing options as part of its VAT in the Digital Age reforms, published in December 2022.
