Law & Numbers - News Tax


24.09.2009 (France)

French tax residents holding undeclared financial accounts in countries with advantageous tax policies, can regularize their situation at the regularization unit set up in Bercy up to December 31st 2009,. After this date, Eric Woerth, French Minister of Budget made it clear that the tax audit would apply with maximum severity, without any lenience.

On the basis of its experience with the regularization unit, ALTEXIS can competently advise its clients on the opportunity of engaging this procedure, as well as assist them in the preparation of an anonymous regularization file and negotiate with the tax authorities on the terms of this regularization.

By regularizing, tax payers put themselves in conformity with the French tax rules and avoid eventual prosecutions. Also, they obtain free disposal of sums that were until then largely unavailable.

The regularization procedure is entirely anonymous. It is only when a final overall agreement has been reached that the tax payer's name is transmitted to the tax authorities.

The regularization of the tax situation is executed on the basis of payment of the income tax, and, if necessary, on the payment of the wealth and inheritance tax. It is also sometimes possible to obtain the capping of default interest. The 40% penalty can also be negotiated with the tax authorities.

Before starting the procedure, ALTEXIS evaluates with its clients the different options of regularization available to them, and prepares an evaluation of the total cost for each option (imposition, default interest and penalties to be negotiated).

The anonymity of the client is preserved throughout the procedure. When the regularization solution has been decided upon, in complete agreement with its client, ALTEXIS takes care of presenting it in a completely anonymous way to the tax authorities and conducts the procedure to its full end. Names will only be communicated to the authorities after a formal settlement has been reached and the terms had being negotiated.

For further information, Please contact Marylène BONNY-GRANDIL:

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