FranceAccounting and Audit
STATUTE OF LIMITATION APPLICABLE TO WEALTH TAX
The provisions of Article 885 D of the French General Tax Code lead to the applicability to the wealth tax of the statutes of limitation linked to inheritances.
Consequently, regarding the audit linked to the qualification as professional of some declared goods, the decennial examination time-limit may apply, as the Tax Authorities will have to make subsequent researches in order to prove the exigibility of the rights possibly left out.
However, the challenging of the validity of some liabilities items duly declared and justified is subject to the shorter examination time-limit (three years), when the wealth tax return, having a net asset superior to the taxation ceiling, has regularly been filed (Rep. Feron, AN April 29, 1996, p. 2318, no. 33258).
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