A provision in pending legislation would impose new compliance requirements with respect to value added tax (VAT). Article 38 of the pending Finance Bill for 2016 provides that payments from customers, that are currently recorded by means of an accounting or management software or by means of a cash system, must be processed using a “certified secure software” or system.
The measure is intended to counter VAT-related fraud. The new requirement would be effective 1 January 2018, and would apply for all companies that use management software or a cash system to record customer payments.
Read a November 2015 report [PDF 29 KB] prepared by Fidal* tax professionals: A new requirement for VAT taxable persons using software programs or cash systems to record customer’s payments
* Fidal is a French law firm that is independent from KPMG and its member firms.
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