French General Tax Code
In forceI. - Account-keepers, insurance and similar undertakings and any other financial institution shall mention, on a declaration filed under conditions and deadlines set by decree, the information required for the application of Article 8(3a) of Council Directive 2011/16/EU of 15 February 2011 on administrative cooperation in the field of taxation and repealing Directive 77/799/EEC and the agreements concluded by France allowing automatic exchange of information relating to financial accounts for tax purposes. This information may in particular concern any income from movable capital as well as account balances and the surrender value of capitalisation bonds or contracts and investments of the same nature.
In order to meet the obligations mentioned in the first paragraph, they shall implement, including by means of personal data processing, the due diligence necessary to identify accounts, payments and persons. To this end, they shall collect information relating to tax residences and, where applicable, the tax identification numbers of all account holders and the natural persons controlling them.
They shall inform each natural person concerned by the declaration provided for in the first paragraph that any of their data that is transferred to the French tax authorities may be communicated to the tax authorities of another Member State of the European Union or of a State or territory that has concluded an agreement with France allowing for the automatic exchange of information for tax purposes.
They shall keep the data mentioned in the second paragraph of this I and the evidence of the due diligence carried out until the end of the fifth year following the year in which the declaration must be filed.
The processing mentioned in the second paragraph is subject to law no. 78-17 of 6 January 1978 relating to information technology, files and freedoms.
II. - For the purposes of applying I, account holders shall provide financial institutions with the information required to identify their tax residences and, where applicable, their tax identification numbers, except where the financial institution is not required to collect this information under the terms and conditions defined in I.
The same information is required from account holders in order to identify their tax residences and, where applicable, their tax identification numbers, except where the financial institution is not required to collect this information under the terms and conditions defined in I. The same information is required from account holders with regard to the natural persons controlling them.
