The French National Assembly has definitively adopted the Government’s anti-tax evasion and major economic and financial crime bill. The legislation was passed by 358 votes to 198.
The bill is designed to considerably strengthen the capacities of the country’s tax and customs administrations, as well as the police and the judiciary in their fight against tax fraudsters, while at the same time toughening sanctions for those who have evaded their tax obligations in France to the detriment of other taxpayers. As part of efforts to tighten reporting obligations for tax controls and to improve efficiency, lawmakers adopted plans to increase the fine for the non-declaration of a trust, from 5 percent to 12.5 percent of assets, and agreed to extend the reporting obligations of trust administrators.
Finally, the Government intends to strengthen the fight against international tax evasion by extending France’s so-called “black list” of states deemed “uncooperative” in tax matters to include those which, from January 1, 2016, have not agreed to the automatic exchange of information. Agreements for the exchange of tax information are regarded as an important tool in the fight against tax evasion.
