Starting January 1, 2025, all companies in Romania will be required to adopt SAF-T (Standard Audit File for Tax) reporting. This is an OECD (Organisation for Economic Co-operation and Development) initiative aimed at standardizing data exchange between taxpayers and tax administrations, with the primary goal of combating tax evasion and unifying statutory reporting.
Read more about: Key challenges and solutions for global e-invoicing compliance
What is SAF-T, and how does it work?
SAF-T has already been implemented in several European countries, such as Hungary, Bulgaria, Lithuania, Portugal, Poland, and Norway. Similar to e-Invoice, the implementation of SAF-T in Romania is among the most ambitious in the region.
This new requirement brings additional workloads for several categories of stakeholders:
- Primary document operators (invoices, bank statements) – need to add extra coding at the line-item level for each document.
- Financial and accounting software developers – must extend application functionalities to accommodate the new reporting structures.
- Accountants and tax consultants – require additional time for reporting, verification, and reconciliation.
The impact of SAF-T on companies
Adopting SAF-T reporting involves increased tax compliance costs, such as:
- Higher fees for professional services
- Investments in software for generating and submitting SAF-T reports
- Additional efforts for reconciling discrepancies and adapting internal processes
Although these costs will level off once SAF-T stabilizes and other statutory reports (such as VAT returns) are eliminated, it is crucial for entrepreneurs, accountants, and tax consultants to adopt technological solutions that reduce manual workload.
Profluo simplifies SAF-T reporting
Profluo supports companies by enhancing its AI-driven accounting capabilities, now including specific SAF-T codings, such as:
- VAT codes
- Codes for the movement of goods and fixed assets
With minimal training during regular accounting processes, Profluo’s system automates detailed SAF-T coding with high accuracy. This is an ideal solution for companies that outsource accounting but retain internal inventory management, where reconciling data across different systems can be highly complex.
Additional automated codings
To facilitate compliance in other areas, Profluo has extended its AI engine to support:
- NC-8 codes – required for Intrastat reporting
- CPV codes – used for classifying products and services in European public procurement
- UNSPSC codes – used for global classification of products and services in international public and private procurement
All these features are available free of charge under existing electronic and optical processing subscriptions.
With Profluo, companies can navigate SAF-T transformations more easily, significantly reducing manual workload and additional costs. Prepare in advance and adopt innovative solutions to turn the SAF-T obligation into a competitive advantage. Talk to one of our consultants to discover how we can meet your company’s needs!
