- France has introduced new VAT regulations for financial service providers
- The changes will take effect from January 2024
- The regulations require the maintenance of a register of beneficiaries and payments
- Certain financial service providers are exempt from these regulations
- The modifications are in response to Article 286 sexies of the general tax code
- The decree introduces amendments to Annex II of the general tax code
- Key provisions include mandatory information for service providers and beneficiaries
- Cross-border payments are also addressed in the regulations
- The information must be electronically transmitted to the French tax authorities
- Financial service providers must inform their clients about the transfer of data to tax authorities in another EU member state
- The decree is part of a broader European initiative to combat VAT fraud.
Source: globalvatcompliance.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
