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France Clarifies Overseas Investment Tax Checks

by Ulrika Lomas, Tax-News.com, Brussels

19 August 2013


The French Finance Ministry has published details of provisions governing tax audits, carried out by officials in relation to investments made in French overseas departments and territories and giving the right to tax reductions.

The detailed regulations are set out in decree number 2013-731 from August 12, 2013, and now appear in the country's Official Journal (JORF).

The on-site tax controls are designed to ensure compliance with the laws and regulations governing the realization, use, and conservation of overseas investments. Public Finance Directorate officials are tasked with carrying out the checks in French overseas departments, while officials mandated by the Director General of Public Finance are to conduct controls in other overseas territories and in New Caledonia.

Advice notices will be sent by post prior to the audit date. Alternatively, in the case of an unannounced visit, advice notices will be given by hand to the legal representative of the company or to the person receiving the officials.

To ensure compliance with all legal requirements, companies may be required to submit accounting records, and present invoices, contracts, receipts, and indeed any other form of documentation relating to the investment concerned.

TAGS: compliance | Finance | tax | investment | tax compliance | tax avoidance | law | accounting | audit | France | New Caledonia | tax breaks | regulation

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