On 4 July 2018, France published implementation decree n. 2018-569 (Link-French). This declaration has been put into place in order to identify and declare account holders who do not provide the necessary information to identify their tax residences and tax identification numbers. France is one of the first countries to have a specific declaration for “recalcitrant account holders”.
This declaration is, contrary to previously reported news, not directly related to the Foreign Account Tax Compliance Act (“FATCA”) and the Common Reporting Standard (“CRS”) but represents a new, additional reporting requirement. In practice, it will apply to all account holders as Foreign Financial Institutions must report all “recalcitrant account holders”.
The implementing decree entered into force on 1 November 2018. The declaration must be submitted electronically to the French Tax Authorities (the characteristics of the electronic filing will be determined later by the tax authorities) by March 31st each year at the latest for instances noted on 31 December of the previous year.
More information on the amending finance law, the procedure of the reporting and the practical impact can be found in the Fiscal eAlert prepared by PwC Société d’Avocats in France (Link).