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Finally! After years of stacking boxes full of paper receipts in every corner of the office, the Swedish government has presented a proposal to remove the requirement to save paper materials with accounting information. The proposal not only means simplification for Swedish companies but is also expected to lead to significant cost savings for businesses across Sweden.
The development of digital tools has facilitated businesses worldwide, yet digitization has not reached the Swedish Book-keeping Act. According to the current requirement, accounting information must be saved in its original form for three years, even if stored digitally, which is perceived as an administrative burden by several companies. It is also common for paper materials to be sent abroad for scanning and then returned to Sweden for storage, incurring significant costs for companies.
The demand for modernization has now received a response, and once the proposal is approved, companies can finally say goodbye to paper materials containing accounting information, including paper receipts and paper invoices.
The new proposal
The new legislative proposal means that companies only need to keep receipts in paper form until the information has been transferred in digital form, after which they can be discarded. According to Minister of Justice Gunnar Strömmer, digital storage of receipts signifies a significant simplification and a competitive advantage for Sweden's businesses.
The proposal is also expected to result in substantial cost savings. The proposed amendment to the accounting law is said to lead to annual savings of around SEK 3.9 billion for Sweden's businesses.
The expectation is that the new legislative proposal will come into effect on July 1, 2024.
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