Ensure your organization's
SAF-T ‘compliance’

Opinion article by Nuno Figueiredo, Board Member, Sales & Marketing at Abaco Consulting, for PME Magazine:  [PT Only] https://pmemagazine.sapo.pt/compliance-saft-organizacao/

Currently, we are witnessing a profound transformation in the reporting format of financial and accounting information to the Tax Authority, which, from 2020, started to be carried out through the SAF-T (PT) of accounting for pre-filling of IES – Annual Declaration of Accounting and Tax Information. Thus, its main objective is to simplify the delivery of tax and accounting information, in an easily auditable format.

Given this context, companies must prepare their management software to contemplate this new reality and avoid inconsistencies. However, although companies are familiar with the IES concept, what does it really encompass? The HEI is an electronic statement that gathers information on taxes, accounting and national statistics about organizations and some natural persons.
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And what are the advantages that this new law now offers to organizations? This decree-law aims to make it simpler and easier to declare the necessary data for the HEI, allowing the correction of incongruities and errors upstream.
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This reality, which companies now face, allows the Tax Authority to have access to all information related to the life of the company, such as: details of accounting movements, complete billing, customer registration, suppliers, tables master, movement of goods, inventories, conference documents, receipts, among many other information, and consequently allows you to develop analyzes, in order to identify inconsistencies and obtain indicators of tax evasion, within the scope of inspection activity and without the possibility of correction daily records by the taxpayer.
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In this sense, it is therefore essential that the SAF-T (PT) of accounting is generated in accordance with the certification rules of the SVAT and that it obeys the logic of taxonomies provided for in the SAF-T (PT) Ordinance, eliminating itself in advance file and data repository errors.
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However, it is essential to take into account that companies deal with various platforms, from ERP, to point of sale software, to process automation between companies, billing systems, among others, that support their sales and accounting processes. and that consequently generate data. However, during these integration processes, data can actually be lost or, worse, inadvertently changed, causing companies to unconsciously create and report error reports, which can lead to management problems, fines regulators or tax disputes (caused based on incorrect information).
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In this way and to avoid inconsistencies in the tax information that companies send to the Tax Authority and, with this, to avoid the expenditure of energy in tax inspections and investigations, there are tools that allow all your company’s transactions to be validated before submission to the tax authorities. AT, in order to avoid reporting wrong information and tax inspections and investigations. They also ensure compliance with regulatory reporting requirements such as SAFT-PT, ISSO 295 PC, VAT refunds or other electronic tax reporting format.
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On the other hand, creating specific validations that ensure ERP compliance or assessing data quality and subsystem integrity is another advantage of these tools, which aim to produce audit results and non-compliance notes so that the company can identify which incorrect or non-conforming information, through a detailed diagnosis regarding the financial, legal and fiscal health of the organizations, thus ensuring the integrity of the data, the quality of the information produced by the ERPs, billing and complementary systems that are reported to the Authority Tax.
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Thus, through these solutions, it is possible to provide organizations with easier and more direct access to their financial status, at the same time that they will be able to guarantee in advance that there are no inconsistencies in the information they send to TA.

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That said, do you still think it is worth taking unnecessary risks?

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