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French Bank Account Regularization Requests Top 15,000

by Ulrika Lomas, Tax-News.com, Brussels

25 February 2014


French Budget Minister Bernard Cazeneuve has told the National Assembly Finance Committee that almost 16,000 residents with undeclared foreign bank accounts have elected to regularize their tax situation in the last eight months, through a voluntary declaration of non-compliance.

As of February 7, the tax authorities had received 15,813 requests for tax regularization. The figures come following the publication of a circular by French tax authorities in June 2013, which set out the conditions enabling taxpayers to legalize their financial situation. An average of 150 taxpayers are coming forward and declaring unpaid amounts each week, Cazeneuve revealed.

Of the total number of voluntary declarations received, 2,621 files were "complete." This means that taxpayers submitted both a retroactive declaration and the accompanying documents required to evidence the origin of the assets. Total cumulative assets declared on these complete files amounted to approximately EUR2.4bn (USD3.3bn), or almost EUR910,000 per declaration. The tax authorities have collected approximately EUR230m from the 240 files processed so far.

According to Cazeneuve, 76 percent of taxpayers had inherited either one or several bank accounts abroad. Ten percent of declarations involved sums of less than EUR100,000. Most held undeclared assets in Switzerland (80 percent), while just 7 percent of taxpayers disclosed hidden accounts in Luxembourg.

TAGS: inheritance tax | compliance | Finance | tax | tax compliance | tax avoidance | Luxembourg | Switzerland | individual income tax | Tax | Tax Evasion

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