On 5 November 2013, Parliament adopted a new set of anti-avoidance measures to combat tax fraud. The key elements are summarized below.
Hardening of reporting obligation
To harden the fight against tax havens, large companies, banks, and wealthy individuals will bear new reporting obligations. Thus, French banks and companies will be required to report annually the list of their foreign subsidiaries, including specific details on the nature of their business, transactions, sales…