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French Senate Kills Measure That Would Hit U.S. Financial Firms

Aug. 3, 2022, 3:22 PM

The French Senate Tuesday evening rejected a measure that could have cut off the flow of tax information that France supplies to the Internal Revenue Service on US citizens’ bank accounts in France.

France’s agreement with the US under the Foreign Account Tax Compliance Act requires French financial institutions to supply the IRS with information about their US account holders. The US is supposed to reciprocate—but never has.

  • On July 26, the French National Assembly adopted a budget revision act including an amendment that would have changed the tax code to require the French tax authority to ...