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Content tagged 'Local Statutory Requirements'

March 30, 2015
Frederic Portal, Ataway Director of Strategy & Alliance

Since January 1, 2014, statutory rules in France require all companies subject to tax in that country and under audit by French tax authorities to produce audit documentation in the prescribed electronic format. This FEC (Fichier d'Ecritures Comptables) audit file is to contain data of all accounting transactions for a given fiscal year for certain products (Article L.47 AI of the Tax Procedure).. Even if you have not been notified of a tax audit, you should create and archive such files and make them available to auditors when asked for them. Some large companies are permitted to report balances on a summarized level, without providing transaction details.

PeopleSoft delivered this files, more information could be found in Generating French FEC Audit Files

September 20, 2013
By Frederic Portal, Ataway Director of Strategy and Alliance

More than a decade ago, the European Union launched an initiative to simplify bank transfers in euros.

The project's aim is to improve the efficiency of cross-border payments and turn the fragmented national markets for euro payments into a single domestic one. The Single Euro Payments Area (SEPA) will enable organizations to make euro payments to anyone located anywhere in the SEPA area, using a single bank account and a single set of payment instruments.

The SEPA project focuses on three payment instruments: credit transfers, direct debits and payment cards. The European Payments Council (EPC) has developed payment schemes for credit transfers and direct debits. These schemes are defined in rulebooks that cover the rules, practices and standards applicable to SEPA payment instruments.

SEPA includes common financial instruments, standards, procedures, and infrastructure to enable economies of scale. This should, in turn, reduce the overall cost to the European economy of moving capital around the region (estimated as two to three percent of total GDP).

SEPA is entering its final migration phase for two SEPA payment instruments:

  • • By February 1, 2014, all retail CT and DD in the euro area need to fulfill SEPA requirements. (Regulation 260/2012)
  • • Niche products with specific characteristics transition phase until February 1, 2016.
  • • For EU member states with currencies other than the euro, the respective end-date is October 31, 2016 for all credit transfers and direct debits in euro.

Within less than six months, organizations must have systems in place to participate in the unified European payments market. But many organizations still aren’t ready for the changes. How can your organization get prepared?

July 19, 2013
By Frederic Portal, Ataway Director of Strategy and Alliance

Earlier last month, the Senate passed a comprehensive immigration reform bill that, if signed into law, would bring the biggest changes to U.S. immigration law since 1986.  U.S. law requires companies to employ only individuals who may legally work in the United States – either U.S. citizens, or foreign citizens who have the necessary authorization.

A critical component of the new bill is a provision that would require all U.S. employers to participate in the E-Verify program. E-Verify is an Internet-based system operated by the Department of Homeland Security (DHS) in partnership with the Social Security Administration (SSA). This system allows businesses to determine the eligibility of their employees to work in the United States.

July 12, 2013
By Frederic Portal, Ataway Director of Strategy and Alliance

A new program to revise the current tax audit rules and procedures will extend to all taxpayers in France beginning in 2014. Will your business be prepared for the switch?

Today, almost all companies keep their accounts on a computer. The last French government supplementary budget for 2012, published on December 29, substantially amends the rules of tax audits for companies that keep their accounts on a computer. The new regulations will go into effect January 1, 2014, and any company with a computerized accounting system that is subject to a tax audit will be required to transmit its data administration in the form of computer files.

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