French President Francois Hollande last week announced that a bill containing a series of antiavoidance measures to ‘‘moralize’’ public life and fight tax fraud will be submitted to the Council of Ministers on April 24.
Among the measures proposed is the creation of a high authority to control the estate assets of Cabinet ministers and the heads of major French administrations. To discourage the use of tax havens, new reporting obligations would also be introduced for large companies, banks, and wealthy individuals. French banks and companies would be required to submit annually a list of their foreign subsidiaries, including specific details about the nature of their business, their transactions, sales, employees, profits, taxes paid, and public aid received.
A national financial prosecutor would also be appointed to fight economic and financial crime. Hollande said he is determined to eradicate tax havens in Europe. The proposed measures announced on April 10 fall under two main categories...
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