Electronic financial statements

by Thomas | 8. November 2011 17:12

The legal basis for the electronic transmission of annual financial statements to the tax authorities was created with the Tax Bureaucracy Reduction Act (Steuerbürokratieabbaugesetz). The minimum data to be transmitted is defined by the Federal Ministry of Finance via circulars. At the end of a pilot phase in June 2011, the introduction of mandatory electronic transmission was deferred for one year. This means that no objection will be raised within the framework of the so-called “hardship provision” if balance sheets and income statements are still submitted in paper form to the tax office for the tax year 2012.

The final application bulletin by the Federal Ministry of Finance with the final “description standard” for the data to be transmitted, the so-called “taxonomies”, was published on 29 September 2011.

The information to be electronically transmitted comprises the balance sheet and income statement data in XBRL format, the scope of which is defined in the taxonomies.

The specific documents to be transmitted are:

The provisions can be implemented in the form of integrated tax accounting through more large-scale adjustments to the in-house ERP system. Such fully automated tax accounting is, however, a very technical, ideal model that will hardly be workable in practice. It is more practicable to use reconciliation software that generates the necessary documents, based on taxonomy-compliant commercial bookkeeping data, and enables their transmission to the tax authorities.

We are happy to support you with the preparation and transmission of your electronic financial statements in line with this approach. In doing so, we take the data from your annual financial statements, adjust their account structure to meet the minimum requirements of the taxonomy, in XBRL or Excel format, and transfer them to a tax balance sheet and the additional documents that have to be sent. We then forward this information, in conjunction with the tax forms, which also have to be provided in electronic form, directly to the tax office on your behalf.

Source URL: https://www.wp-westerfelhaus.de/en/tax/e-bilanz/