France VAT fraud software 2018
- EU VAT
- 16 September 2017 | Richard Asquith
France is proposing to impose the obligation for French registered companies to use certified VAT software on B2C cash and credit transactions from 1 January 2018.
The will include a requirement to use licensed and secure point-of-sale (e.g. cash registers). Any infringement of the obligations could result in a fine of up to €7,000 per infringement. Initially, only French resident businesses will be required to comply with the new obligations. Although foreign providers of accounting or cash systems are obliged to follow the new requirements and go through the accreditation process.
The exact requirements for the cash and software systems are to be defined in the forthcoming months, but will cover: restrictions on changing transaction details; security; storage alternatives; and archiving requirements.
The measure is seeking to tackle fraud estimated to cost France €14bn per annum.
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