French government makes French banks open up
This just in from Tax-news.com:
"The French government is introducing a new measure requiring all French banks to disclose information regarding their links to tax havens."
and
"Following a vote last week on the law pertaining to the merger of the Caisse d’Epargne and the Banque Populaire, creating the country’s second largest bank, credit institutions in France are now legally obliged to publish information in their annual accounts regarding their activities in jurisdictions deemed “uncooperative” in tax matters."
Interesting. We don't have much more in the way of detail at this point. However, this may help explain French banks' unilateral moves in this respect, which we blogged recently, as a pre-emptive measure.
"The French government is introducing a new measure requiring all French banks to disclose information regarding their links to tax havens."
and
"Following a vote last week on the law pertaining to the merger of the Caisse d’Epargne and the Banque Populaire, creating the country’s second largest bank, credit institutions in France are now legally obliged to publish information in their annual accounts regarding their activities in jurisdictions deemed “uncooperative” in tax matters."
Interesting. We don't have much more in the way of detail at this point. However, this may help explain French banks' unilateral moves in this respect, which we blogged recently, as a pre-emptive measure.
posted by TJN at 3:53 am
1 Comments:
The article says that banks should provide informations ounce a year about their presence and activities in countries where no bilateral tax treaties with France have been signed.
As all of them are signing such agreements right now, as the OECD claims, the constraint will be quite low. We'll have to wait for the end of the year and the budgetary discussion to see if more is requested.
(French text : "Dans les conditions fixées par arrêté du ministre chargé de l’économie, les
établissements de crédit publient en annexe à leurs comptes annuels des informations sur leurs implantations et
leurs activités dans les Etats ou territoires qui n’ont pas conclu avec la France de convention d’assistance
administrative en vue de lutter contre la fraude et l’évasion fiscales permettant l’accès aux renseignements
bancaires. »
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