Thursday, June 20, 2019
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Taxation: foreign bank accounts must be declared even if they are inactive


Taxation: foreign bank accounts must be declared even if they are inactive

The Fiscal Fraud Prevention Act of 2018 tightened the rules for reporting foreign bank accounts. Now all accounts are affected by this requirement, including those that may be considered inactive.

Since January 1, 2019, taxpayers must declare their bank accounts domiciled abroad even if they are inactive. Those who do not respect this measure relating to the law of 2018 against tax fraud are liable to a fine of 1,500 euros per account not declared, recalls in The echoes Mathieu Daudé, associate lawyer at CMS Francis Lefebvre Avocats. The bill can even go up to 10,000 euros in some cases.

Even "dormant" accounts must be declared

Before the hardening of this rule, the declarative obligation concerned only bank accounts "Open, used or closed abroad".Or, an account "Recording only the registration of interest on the sums deposited and the payment of management fees on this account (…) could not be considered as" used ""says the lawyer.

The law now mentions the accounts "Detained abroad" without exception. All bank accounts, whether active or "dormant", are therefore covered by this obligation. These accounts must be declared at the same time as the income tax return that takes place in May. Taxpayers are warned.

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