French General Tax Code
In forceI. - 1. - The persons referred to in 1° to 4° of A of I of Article L. 612-2 of the Monetary and Financial Code, subject to supervision by the Autorité de contrôle prudentiel et de résolution for compliance with the coverage and risk-spreading ratios or the adequate level of own funds provided for in I of Article L. 511-41 and articles L. 522-14 and L. 533-2 of the same code, are subject to a tax to finance the support fund created by Article 92 of Law No. 2013-1278 du 29 December 2013 de finances pour 2014, in respect of their activity carried out on 1 January of each year.
2. - However, the following are not subject to this tax:
1° Persons having their registered office in another State party to the Agreement on the European Economic Area and carrying on their business in France exclusively through a branch or under the freedom to provide services;
2° Persons to whom minimum capital requirements apply to ensure compliance with the coverage ratios or the adequate level of capital provided for in I of Article L. 511-41 and Articles L. 522-14 and L. 533-2 of the Monetary and Financial Code, defined during the financial year ended in the previous calendar year, of less than 500 million euros. The threshold of €500 million is assessed on the corporate or consolidated basis of a group, within the meaning of III of article L. 511-20 du même code, retained for the calculation of the base defined in II of this article;
3° L'Agence française de développement.
II. - The tax base is made up of the minimum capital requirements to ensure compliance with the coverage ratios or the adequate level of capital provided for in I of Article L. 511-41 and Articles L. 522-14 and L. 533-2 of the Monetary and Financial Code, defined during the financial year ended in the previous calendar year. The minimum capital requirements are assessed on a consolidated basis for persons covered by articles L. 511-41-2, L. 517-5, L. 517-9 and L. 533-4-1 of the same code belonging to a group, within the meaning of III of article L. 511-20 of the said code. An additional contribution is calculated on a corporate or sub-consolidated basis for persons not belonging to a group, within the meaning of the same III, or when the parent company does not exercise exclusive control over the supervised company on a corporate or sub-consolidated basis. In the latter case, the consolidated tax base of the parent company is reduced by the amounts taken into account for the taxation of a person on a corporate or sub-consolidated basis. No additional contribution on a social basis is paid by the persons mentioned in I of this article who belong to a group, within the meaning of the said III, when this involves the central body or undertakings affiliated to a network or undertakings over which the parent undertaking exercises, directly or indirectly, exclusive control.
III. - The rate of the tax is set at 0.0642% for the years 2016 to 2025 and at 0.05 05% for the years 2026 to 2028.
IV. - The tax is payable on 30 April.
V. - 1. - The tax is liquidated by the taxable person on the basis of the minimum capital requirements mentioned in the call for contributions referred to in 1° of V of Article L. 612-20 of the Monetary and Financial Code. The Autorité de contrôle prudentiel et de résolution communicates this call to the competent public accountant before 30 April.
2. - The tax is declared and liquidated:
1° For those liable for value added tax, on the annex to the declaration mentioned in 1 of article 287 of this code filed in respect of the month of May or the second quarter of the year during which the tax provided for in this article is due;
2° For persons not liable for value added tax, on the appendix to the declaration provided for in the same 1 filed with the collection department responsible for their registered office or main establishment, no later than 25 June of the year during which the tax provided for in this article is due.
The tax is paid when the declaration is filed.
3. - The tax is not deductible from the corporate income tax base.
VI. - Challenges to the amount of the minimum capital requirements on which the tax is based follow the regime applicable to challenges provided for in 3° of V of Article L. 612-20 of the Monetary and Financial Code.
VII. - 1. - When, pursuant to VII of the same Article L. 612-20, the Autorité de contrôle prudentiel et de résolution revises the amount of the capital requirements of the person subject to the tax provided for in this Article, it communicates the rectifying call for contribution to the competent public accountant, accompanied by the notice of receipt, by the person subject to the tax.
2. - When the amount of the minimum capital requirements is revised upwards, the resulting additional tax is due on the date of receipt of the rectifying call for contribution. The additional tax is paid to the competent public accountant within two months of it becoming due.
3. - Where the amount of the minimum capital requirements is revised downwards, the taxable person may submit a written request to the competent public accountant, within one month of receipt of the rectifying call for contribution, for repayment of the corresponding amount. This refund will be made within one month of receipt of this letter.
VIII. - In the event of non-payment or partial payment of the tax within thirty days of the deadline for payment, the competent public accountant issues an enforcement order. The tax is collected and audited in accordance with the same procedures and subject to the same penalties, guarantees, securities and privileges as turnover taxes. Complaints are submitted, investigated and judged according to the rules applicable to these taxes. However, in the event of a revision of the amount of the minimum capital requirements under the conditions provided for in VII of this article, the administration's right of recovery shall be exercised, for all the tax due in respect of the year concerned, until the end of the third year following that in which the taxable person received the rectifying notice of contribution.
