Here is some helpful information on when to expect tax refunds to arrive as well as when additional tax payments are due on 2023 income statements in France.
As the old adage goes, the only sure things in life are death and taxes. Whilst the first is completely random, the second usually comes like clockwork in the form of annual tax returns.
In France, people living and working in the country have already completed their 2023 returns, and for the vast majority, these are done for the year. There are those, though, who have, for one reason or another, over or under paid.
In these cases, the French have set out timelines to let the public know when they can expect to see their reimbursements and to alert those who need to pay supplemental amounts when they are due.
TAX REFUNDS IN FRANCE
People can be eligible for reimbursement if the amount withheld in 2023 as part of the withholding tax exceeds the final amount of the tax paid, or if the person is entitled to a refund of tax credits or reductions.
In most of these cases, the government has said they will be transferring the balance owed on either 24th or 31st July to the recipient’s bank account. For those who have not given bank details, a cheque will be posted by mail to the person’s home.
WHEN TO EXPECT PAYMENTS
In the instance that a person owes more than was withheld during the year, they are responsible for paying the balance due. This happens when the taxpayer has not updated a withholding rate or they were sent an excessive tax credit or reduction advance in January 2024.
The repayment schedule for this begins on 26th September, when the government automatically withdrawals the amount from the person’s bank account. It will be taken as a lump sum if the amount owed is less than €300, and in four installations in the figure exceeds €300.
In order to be in compliance, all taxpayers who owe must have current bank details on file with the General Directorate of Public Finance (DGFiP). The deadline to ensure this is completed in 15th September.
For more specific information on this and other French tax-related issues, click here.
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