FAIA generation services
- Assessing the impact of the new requirements from an accounting and VAT standpoint;
- Reviewing the company's IT environment and data available in the systems with regard to the data requested;
- Assist in elaborating a data mapping between the Information System and the FAIA with regard to the data requested using our fit-for-use "data mapping template";
- Identify the best extraction and consolidation strategy from the different financial and operational systems;
- Assist in generating the FAIA files;
- Test the format and structure of the FAIA files with a view to making it readable by the authorities;
- Take care of day-to-day project management and coordination activities.
FAIA assessment services
- Test the content of the FAIA files: run a series of consistency checks and pre-fiscal tests on the content of the files with a view to identifying possible errors or mismatches;
- Issue a report listing the errors by categories, and commenting the errors to allow the IT and finance department to rework the files or the source documents, where appropriate or necessary, before the FAIA is sent out to the authorities.
Our experience encompasses several levels of assistance around FAIA. It allows us to propose tailor made services depending on the needs and on the characteristics of each client and business.
We are regularly assisting the IT, finance and tax departments of Luxembourg-based companies to complete the data mapping, extract the relevant information from their information systems (accounting, billing) and build up a compliant FAIA file. Those companies are active in various sectors: entities owning real estate, industrial companies, retail stores, buyer-reseller and principals in the supply of various types of products, as well as service providers. We also work with financial institutions and asset managers, which are currently relieved from the obligation to produce a FAIA file. However, some of those businesses already anticipate this future requirement. Moreover, the VAT authorities can request any business to provide the VAT relevant data electronically and in another structured way. Being able to produce a FAIA would thus meet the maximum technical requirements the VAT authorities can currently impose.
In addition to helping generate a FAIA file, most of our clients ask us to test and assess the format, structure and content of the file. Our Assessment Tool is unique on the market and provides a real added value: a confirmation to our clients that the produced file should be readable and an additional comfort that the data contained in the FAIA is consistent and would not lead to material adjustments.