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Accounting News July 21, 2023

It's time for your accounting appointment! News, news, news, news, the choice is yours, the idea is the same.

Immerse yourself in the latest accounting and tax news.

In this roundup, we reveal the latest news shaping the financial and tax landscape. 

 

News 1 - Help for the riots

If your customers were affected materially and financially by the riots last June, here are some measures you can take to support them:

  • URSSAF offers the self-employed the possibility of extended payment terms.
  • The Ministry of Finance has drawn up a specific assistance plan to support affected retailers. The plan includes payment deadlines, cancellation of certain charges, downward modulation of personal income tax (IRPP), and assistance from insurance companies with accelerated procedures.
  • In every region of France, the Chambers of Commerce and Industry (CCI) are mobilizing funds to support affected businesses.

 

News 2 - Pay slip update: Net social now mandatory

From July 1, 2023, a new requirement will apply to pay slips: net social security contributions will have to appear on them, with the exception of certain cases of pay lag. This measure was announced by the Conseil national de l'Ordre des Experts-Comptables (CNOEC), and is designed to bring greater transparency and clarity to employee remuneration.

 

This decision follows the publication of decree 2023-422 in the Journal Officielwhich was officially ratified in the Bulletin Officiel des Finances Publiques-Impôts (BOFIP) on June 23, 2023. This decree sets the exemption limit for the employer's share of meal vouchers at €6.91 for 2023. It should be noted that the employer's share of the value of the voucher is between 50% and 60%.

 

These new measures are designed to strengthen the protection of workers' rights, while promoting greater awareness of the benefits offered by employers.

 

News 3 - New ANC regulation on global minimum tax

On July 7, the Collège de l'ANC adopted regulation no. regulation no. 2023-02, which amends ANC regulation no. 2020-01 of March 6, 2020 relating to consolidated financial statements, specifically with regard to the accounting treatment of the worldwide minimum tax defined in the OECD's GloBE model rules. More specifically, these adjustments concern the exemption from recognition of deferred tax assets and liabilities, and the disclosures required in the notes to the consolidated financial statements.

 

News 4 - ISSB: global sustainability standards

On June 26, the International Sustainability Standards Board (ISSB) marked a major milestone with the publication of its first-ever standards, IFRS S1 and IFRS S2, ushering in a new era of sustainability reporting on the world's capital markets.

 

The aim of these standards is to enhance confidence in the information provided by companies about their commitment to sustainable development, thereby informing investment decisions. For the first time, these standards establish a common language for disclosing the impact of climate-related risks and opportunities on a company's prospects.

 

News 5 - Furnished rentals

The French Conseil d'Etat has just issued a ruling (CE 05/07/2023) confirming the incompatibility of the French system with the VAT directive concerning activities involving the provision of furnished or furnished premises, subject to certain conditions being met, in particular the taxation of at least 3 of the 4 ancillary services listed, in a similar way to hotel establishments. In fact, the VAT directive expressly excludes accommodation operations from VAT exemption.

 

News 6 - PEPP: a milestone for retirement savings

The Journal officiel has publishedhe decree no. 2023-603 dated July 13, 2023concerning the introduction of the French sub-account of the pan-European individual retirement savings product (PEPP). This new measure completes the list of products benefiting from the online retirement savings information service, in accordance with article L. 224-7-1 of the French Monetary and Financial Code.

 

The French PEPP sub-account will be accessible in the form of a group insurance contract or a securities account, and this decree defines how it will operate. In addition, it sets out the transfer deadlines between an existing retirement savings plan and the French PEPP sub-account, ensuring a smooth transition for savers. This measure is designed to facilitate the management of retirement savings and encourage French people to actively prepare for their retirement.

 

 

Now you're up to date!

And as always, if you need any help or advice, the whole Viseeon team is at your disposal. (Yes, a little rhyme to brighten up this sunny day ^^)

 

Viseeon France - Network of Chartered Accountants

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