Taxes: New Termination Contribution | The Economist

The 2020 Finance Bill provides for a discharge contribution for natural persons in an irregular tax situation. The measure applies to taxpayers holding liquid assets in the bank. The tax administration will allow them, once the measure is adopted, to regularize their situation on a voluntary basis. The payment of a contribution of 5% of the liquid assets held releases income tax and fines, penalties and surcharges thereunder. In return, the taxpayer will be exempted from the assessment of his expenses when examining his overall tax situation.

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