France VAT software & electronic payments
- 4 October 2015 | Richard Asquith
Compulsory French VAT software
As part of the latest French Budget for 2016, all VAT registered entrepreneurs will be required to use officially recognised accounting software. In particular with regard to recording sales. This new requirement will be phased in by 2018.
Compulsory direct debit payments on VAT returns
French VAT registered businesses will be required to settle their monthly/quarterly VAT returns via direct debit. This means the tax authorities will require bank account details of each company, and the authority to electronically withdraw the amount declared in the latest VAT return.
This new rule applies to foreign companies from 1 December 2015, and they will be required to provide the French tax office with their foreign bank account details.