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The Third 2012 Amended Finance Bill in France foresees the obligation, for all tax audits opened on and after January 1st and regarding all taxpayers who keep their accountants electronically, to remit to the Tax Authorities all their accounting records electronically for the financial years under audit, in the form of an accounting entry file (Fichier des ecritures comptables in French, FEC).


August 1st 2013 Decree provides the format requirements of the accounting entry files (AEF) as well as the information it must contain.


The new AEF requirements will have an impact not only on the tax audit procedures but on day to day account keeping.


To be compliant with the new regulation foreign multinationals must start holding their day to day accounts under French GAAP, in French language and according to the French Chart of Accounts. Account books kept in foreign GAAP will not be accepted, nor will day to day accounting entries of previous years which are still open to tax audit. This does not mean that companies cannot maintain their account records separately according to another GAAP other than French, entries will however have to be converted into French GAAP starting January 1st 2014.


Taxpayers not compliant with these requirements and summiting therefor a non-valid AEF will be subject to a penalty of 0,5% of gross revenues per tax period, with a minimum penalty of 1 500€. Additional fines have been also stipulated starting 2014 if taxpayers refuse to provide an AEF.


Please note taxpayers have very little time to comply and adapt their IT systems and accounting procedures to the new regulation



Updated December 2013 - The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as at the date it is received or that it will continue to be accurate in the future. No individual or company should act on such information without appropriate professional advice after a thorough examination of the particular situation


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