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France – New requirements for VAT-registered foreign compa | KPMG | GLOBAL

France – New requirements for VAT-registered foreign compa | KPMG | GLOBAL.

November 7: Foreign companies that are not established in France, but that are subject to the French value added tax (VAT) rules, must comply with certain new electronic reporting requirements.

The Direction Générale des Finances Publiques issued a notice specifying that such VAT-registered companies also must submit an e-accounting file.

Since 1 January 2014, all companies (1) established and subject to tax audit in France and (2) that maintain their accounting records using IT systems, must maintain and submit a “file of accounting entries.” Going forward, this requirement also applies to foreign companies that are only VAT-registered in France.

Failure to comply with this new requirement may be subject to a penalty of €5,000 or 10% of the amount of taxes determined under a re-assessment in certain instances.

Read an October 2014 report [PDF 32 KB] prepared by Fidal*: New e-obligations for foreign companies



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