Key takeaways:

• On July 4, 2012, the new French government released the second amending finance bill for 2012, which contains the first part of its tax reforms. This bill will be debated by the French parliament and will be adopted by the end of July 2012.
• Although the bulk of the tax reforms will be included in the 2013 budget, to be discussed this Autumn, the second amending finance bill for 2012 contains important measures affecting the taxation of resident and non-resident companies and individuals.