A decree was issued in France relating to “recalcitrant” account holders under the common reporting standard (CRS) regime.
The decree sets forth procedures for financial institutions to transmit the list of financial account holders, and natural persons controlling them, who have not submitted necessary information for the identification of their tax residences and tax identification numbers to the French tax authorities.
The decree specifies that initial information requests must be sent to the holders no later than 31 March 2019 for accounts opened between 1 January 2016 and 29 December 2017.
Read a July 2018 report [PDF 75 KB] prepared by tax professionals with Fidal*
* Fidal is a French law firm that is independent from KPMG and its member firms.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.