CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Supplementary Bill Strengthens France's Tax Fraud Arsenal

Supplementary Bill Strengthens France's Tax Fraud Arsenal

by Ulrika Lomas, Tax-News.com, Brussels

15 November 2012


France’s supplementary finance bill provides for a series of measures to be introduced, aimed at combating tax optimization and tax fraud in France by both individuals and corporations, and at strengthening the French tax authorities’ arsenal.

Due to be presented to the council of ministers shortly, the government’s end of year collective budget is said to contain plans to combat value-added tax fraud and to close existing loopholes in the tax law to clamp down on capital gains tax avoidance.

It is thought that the government is particularly keen to end the practice of capital gains tax avoidance through the donation of assets to a third party by adding a donation tax to the price of the goods sold within three years of the donation.

The collective bill is said to provide for a 60% tax to be imposed on undeclared assets invested abroad, when taxpayers refuse to disclose details as to the origins of the funds, and is said to stipulate that companies submit their accounts electronically.

The text is also said to contain plans to extend the amount of information that the tax authorities are able to collect during an inspection, and to allow officials access to computerized data, including from external servers.

According to French Budget Minister Jérôme Cahuzac, the initiatives contained in this collective bill, together with the targeted measures already taken by the government within the framework of its July collective budget, will enable the country’s tax services to increase tax revenues, yielding at least a further EUR1bn (USD1.26bn) for the state.

The end of year collective budget is due to be adopted by the council of ministers on November 14, before subsequently being submitted to lawmakers in December.

TAGS: individuals | capital gains tax (CGT) | tax | value added tax (VAT) | tax avoidance | law | budget | gift tax | France

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »