MIL OSI Translation. Government of the Republic of France statements from French to English –
Source: Republic of France in French The French Republic has issued the following statement:
Credits: © svetazi – stock.adobe.com
If you have borrowed or loaned money, you must report this loan to the tax authorities. Below a certain threshold, you don’t have to. Since September 27, 2020, this tax declaration exemption threshold has been reduced from € 760 to € 5,000 in order to alleviate the reporting obligations of individuals and professionals.
The threshold of € 5,000 represents the total amount of the loan (s) over the year.
If the amount of money borrowed or loaned is greater than € 5,000 then the loan contract, written or verbal, must be declared to the tax department. You must then complete form No. 2062 by completing the date, amount and conditions of the loan as well as the names and addresses of the lender and the borrower. This form is to be attached to your income tax return.
Note: If you loaned money with interest, you must report the interest earned on your annual tax return.
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.