An official at the French Banking Federation announced that French banks plan to close shut branches and subsidiaries in countries considered tax havens. France's banks intend to halt business activities in countries that remain on the OECD's so-called "gray list" at the end of March 2010.
All French Banks will comply with this action. BNP Paribas earlier announced it will stop operating in countries considered tax havens after the bank indicated that it would close branches in Panama and the Bahamas.
Sum2's IRS Audit Risk Program (IARP) helps tax professionals and compliance managers determine and score risk exposures of investment partnerships IRS Industry Focus Issues.
Click for more information on IARP.
Risk: compliance, regulatory, tax audit, reputation