Actualité de Arnaud Philibert

Affaires et finance

Anti-fraud VAT Software: Backtracking for B to B Companies

Since the election of Emmanuel Macron as President of the French Republic, the government has overhauled the rules of taxation including a reform that came into effect in January 2018.
 
The Anti-fraud VAT Law
According to Article 88 of French law n° 2015-1785 of December 29, 2015 on finance for 2016, it is mandatory to utilize a software that has these 4 characteristics: inalterability, security, conservation, and archiving. Natural persons or legal entities (whether private or public) subject to VAT who engage in transactions exempt from VAT as well as companies under the VAT exemption scheme are concerned.
The purpose of putting in place cash register software is to stop fraud involving not counting cash payments. With this law, each transaction and payment will be recorded without the possibility of modification or deletion.
 
Compliance Audits
Unannounced inspections will be conducted by law enforcement officers. Companies should be able to justify the use of compliant software by submitting a certificate. A fine of € 7,500 per software payable within 60 days will be imposed in case of non-compliance. The presentation of false documents is punishable by a fine of € 45,000 and a jail sentence of three years.
 
Amendment and Simplification of the VAT Anti-fraud Law
On June 15, 2017, the French Ministry of Economy and Finance had to review the system following negative reactions and sharp criticism, especially from self-employed individuals (auto-entrepreneurs). Micro-enterprises, companies under the VAT exemption scheme, and companies that only carry out BtoB transactions are no longer affected by this regulation. A new and leaner system has therefore been put in place.
 
To find out more about French VAT legislation and new regulations, please visit our website or contact us at +1 514-798-1583.
 
Arnaud Philibert
Par Arnaud Philibert
ASD Group

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