France Recovers Billions From Tax Dodgers

March 4, 2016 Taxation in France

PARIS – French tax authorities are rapidly recovering billions of dollars from tax evaders, tax dodging multinational businesses, and individuals hiding their assets offshore.

In an announcement made on March 3rd the Minister of Finance of France Michael Sapin announced that in 2015 the national tax authorities have seen a significant increase in the amount of tax revenues recovered from tax evaders.

Over the course of 2015 tax authorities uncovered tax evasion worth an estimated EUR 21.2 billion, a marked increase over the EUR 19.3 billion uncovered in 2014.

An estimated EUR 2.65 billion of the uncovered tax fraud was attributed to individuals with secret bank accounts and undeclared assets abroad, while approximately a quarter of the tax evasion was attributed to large multinational businesses.

So far approximately EUR 12.2 billion of the uncovered tax evasion has been recovered, a level which is already nearly 20 percent higher than the total recovery over the course of 2014.

The Finance Minister noted that the positive results highlight how effective the national tax authorities are at pursuing and dealing with tax evaders, adding that “…It’s no longer correct to say that big digital multinationals can evade taxes,” and “…In France, we don’t do arrangements. We follow the law, and only the law.”

Photo By: Emilian Robert Vicol