Bloomberg Tax
July 27, 2022, 6:05 PM

French Senate to Consider Measure Demanding US Exchange Tax Info

Rick Mitchell
Rick Mitchell
Freelance Correspondent

The French Senate is set to consider an amendment that could stop the flow of tax information that France supplies to the Internal Revenue Service on US citizens’ bank accounts in France.

France’s intergovernmental agreement under the US 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.

The National Assembly Tuesday adopted an amendment to a budget revision act, by a vote of 237-182, that would change the tax code to require the French tax authority to get reciprocal tax ...

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