Currently the mandatory digital filing for the annual accounts applies for the Dutch entities with business size of micro, small and medium. The micro and medium sized companies have been obliged to file their annual accounts digitally since financial year 2016, while for medium-sized companies have started from financial year 2017. The large-sized companies will be expected to have the same obligation from financial year 2023. They are obliged to file their annual accounts from those financial years (respectively) via Standard Business Reporting (SBR).
SBR is the national standard for the digital exchange of business reports in the Netherlands. This allows Dutch entities and businesses to exchange information to local authorities and banks. Beside for annual accounts filing, SBR is also used for reports to the Dutch Tax Authority (tax returns) and for real estate valuations.
The benefits of submitting or filing reports via SBR, as the Dutch government expected to achieve, are as follows;
The next step of this digitalization is not only to bring more transparency and quality of reporting but also to be able to save of € 8.4 million annually on administration cost for the business community.
NAZALI TAX & LEGAL