The French Senate rejected part 2 of the draft finance bill for 2014 on 16 December 2014. The bill is scheduled on 19 December 2013 for a final consideration.
The draft bill changes the penalty provisions for those taxpayers who fall under article L13 AA of the legal documentation requirements of France.
According to the draft bill, taxpayers who will not provide complete and exact transfer pricing documentation within 30 days of a formal notice would not be considered for 5% of the re-assessment, but would face 0.5% of the turnover.