Since 1st January 2014, companies in France have been required to keep an electronic record of journal entries for the year, known as "fichier des écritures comptables", or FEC.
This obligation applies to companies that use software to manage their accounts. FECs are submitted to the French tax authorities. The penalty for non-compliant or late FECs is a fine of 10% of any tax adjustments, with a minimum fine of €5,000.
Does your FEC comply with the French tax authorities’ specifications? Are you prepared for a tax audit? Learn more about FEC 4.0, the PwC solution that ensures your accounting entries are consistent from a technical/accounting and tax perspective.
Benefits of FEC 4.0
Within a few days, you get your results and can start to regulate the situations identified at risk.
Your data is treated securely with no risk of exposure.
Before handing over your file to the tax authorities, you can be sure to identify the risk areas in advance.
You can prepare for your FEC file with peace of mind by identifying risk areas and anticipating questions from the tax administration.
The SecureShare platform has been specially designed so that you can securely share large files, including your FEC file, your accounting closing balance and your information sheet, if necessary.
The solution processes your accounting documents in detail to check that they comply with tax regulations and identify areas that require correction or further investigation.
Automatically generated turnkey report
Your results are compiled into a detailed report by PwC’s tax experts. The technology also creates clear, easy-to-read graphs and dashboards. This gives you an overview of all non-compliant areas.
Analysis of results by PwC teams and customisation
We can organise an interactive workshop in one of our Delta Rooms where we present and discuss our findings using our data visualisation tools. This will give you greater insight into the tax system and help you to make your FEC file preparation process more reliable.
Access to the finest mesh of your data
The data files generated by our tool will allow you to analyze areas of non-compliance and will be a solid working tool for the analysis and remediation of identified non-compliance issues and risks.
Option 1: Access to a detailed level of data (KO files), 500 euros
Option 2: New version of the compliance report, € 1,000
Option: New version of the conformity report, 1,000 €.
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What accounting records should be shared to assess FEC compliance?
The documents to be shared on our secure platform are the accounting entries file, the closing balance and the information sheet (if existing).
How are the FEC and the closing balance used to build the tax return analyzed by FEC 4.0?
Your tax documents are subject to two assessments:
- The compliance assessment analyzes the technical, accounting and framing aspects.
- The tax assessment analyzes the tax data to identify potential adjustments or issues that the administration may raise.
How does PwC work with data analysis?
After the transmission of your accounting documents, the experts deliver the balance in a predefined format common to the review automation. The closing balance is also formatted to be analyzed by the solution.
If you have not submitted a data sheet, the PwC experts will search for the information in the FEC.
Once all the data is loaded, the analysis of your data is based on the same methodology used by the tax authorities. The team dedicated to dematerialized taxation and computerized controls provides insight into the tests performed by the solution. It is accompanied by all of the firm's expertise (corporate tax, VAT, transfer pricing, local taxes, etc.) to customize your summary reports according to your needs and your activity.
Is it possible to have a feedback of the tax and compliance review?
- It is possible to organize the interactive presentation of the results within our immersive space dedicated to strategic thinking: the PwC Delta Room. This context allows for immersion, sharing and collaborative work, while navigating through the data.