05 October 2016 France repeals fine on undeclared foreign bank accounts A 5% fine on the balance of any undeclared foreign bank account equal to, or exceeding EUR 50,000 has been repealed by the French Supreme Court. The French Supreme Court decided on July 22, that this penalty, assessed for failure to report a foreign bank account, is disproportionate to the degree of compliance breach that the French legislature had intended. The repeal of this fine is effective immediately and applies retroactively for fines that have not had a definitive judgment or for which a claim is still possible. A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details. Document ID: 2016-1697 |
