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Withholding tax The tax administration has put in place a new system for implementing withholding tax, which can be done either by paying a deposit or by direct deduction at source, depending on the type. of taxpayer’s income. To understand this new system in detail, it is advisable to consult a tax law expert in Nice who can provide you with complete explanations adapted to your particular situation .
Implementation of withholding tax: deposit or direct deduction at source: –
A unique case arises for individuals domiciled for tax purposes in France but working in Monaco. In this case, they are required to pay a deposit on their salaries received from their Monegasque employer. As of January 1, 2019, the calculation of this deposit will be based on the 2017 tax return, which was filed in 2018.
The deposit will be taken directly from the taxpayer’s bank account, offering the possibility of establishing a payment schedule spread over 12 months. This allows for more manageable and structured payments for the taxpayer.
Unique Case of Individuals Working in Monaco but Domiciled in France:-
For job seekers registered with Pôle Emploi, their benefits will be subject to the tax due. The tax administration will provide Pôle Emploi with the necessary information concerning the amount of tax to be paid.
Consequently, Pôle Emploi will pay the taxes owed directly to the tax authorities, ensuring a simplified process for job seekers. This system aims to simplify tax payment procedures and reduce the burden on Pôle Emploi recipients.
Understanding the specific implications of this new system and how it applies to individual circumstances requires the expertise of a tax attorney. They can guide taxpayers through the intricacies of paying the deposit or direct withholding, ensuring compliance with tax regulations and providing personalized advice.
In summary, the tax administration has implemented a new withholding tax system by deposit or direct deduction at source. The case of individuals working in Monaco but domiciled in France presents a particular situation where a deposit is required. Job seekers compensated by Pôle Emploi will have their taxes paid directly by the agency. Seeking advice from a tax law expert in Nice can help taxpayers navigate this new system and ensure proper compliance with tax obligations .
