Crédit Agricole has negotiated a settlement with French tax authorities providing for the payment of 35 million euros in back taxes and fines, Bloomberg reported, in a bid to avoid prosecution in the case. of suspicions of so-called “CumCum” tax evasion, involving several large banks. The National Financial Prosecutor’s Office raided five other major French banks in this case on March 28 (BNP Paribas, Exane, Société Générale, Natixis and HSBC). Investigators suspect them of having helped their foreign clients to evade taxation on dividends from shares of French companies.
According to Bloomberg, which cites anonymous sources with knowledge of the case, the amount of 35 million euros may not be final because the investigation is not complete, but it would have allowed Crédit Agricole to avoid a search. Mentioned by the press among the banks which could have used this scheme, Crédit Agricole via its subsidiary Cacib was not one of the establishments targeted by the searches of March 28, according to a source familiar with the matter. Asked Friday, representatives of Crédit Agricole said the bank would not comment.
On the merits, the French Banking Federation (FBF) lodged an appeal with the Council of State on March 30 against the position of the tax authorities on the taxation of dividends from listed French companies, wishing to put an end to “the uncertainty that has existed on the subject in recent years”.
