Breaking News

France Approves 75% Income Tax for Salaries More Than 1 Million Euros
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

France’s constitutional council gives the final nod to a controversial tax measure, which they rejected last year. The French President Francois Hollande received approval for the new “millionaire tax” and a go ahead for his plan to tax salaries above 1 million Euros at 75 percent for this year and next.

After taking social contributions into account, the effective taxation for portions of salaries exceeding a million Euros will be about 75 percent. However, the taxation would be capped at 5 percent of a company’s annual turnover.

  
What
Where


The tax, which will be levied on 2013 and 2014 incomes of those who receive more than a million in salaries, is expected to affect about 470 companies and about a dozen soccer clubs. The French government expects to raise about 210 million Euros with the new taxation.

Earlier, France’s constitutional council had rejected the measure arguing that it was unfair and violated the constitution of the country. At the time, the constitutional council held that 66 percent was the legal maximum taxation applicable to individuals.

Following the earlier rejection of the tax measure, the government reworked on it to be applicable to companies and not individuals. This has caused resentment among entrepreneurs.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




In a protest against the tax, French football clubs had gone on strike earlier this year, because a large number of players earn above the threshold of the new tax. Clubs hold that the tax could lead to an exodus of top players from the country.

French actor Gerard Depardieu has already left the country in protest against the new tax regime. However, the measure is popular with French citizens as shown by recent polls, and because the tax would help to reduce the huge deficit in public budgets.



Image Credit: Wikimedia



 

RELEVANT JOBS

Attorney

USA-ME-Portland

The Bennett Law Firm practices management side labor and employment law and alcohol licensing/regula...

Apply now

Litigation & Coverage Attorney

USA-CA-West Covina

Growing insurance defense and coverage firm with an expanding client base seeks highly motivated att...

Apply now

Trust and Estate Planning Attorney | Lebanon, NH or Burlington, VT

USA-VT-Burlington

DRM is seeking an experienced estate planning attorney to join our busy Trusts and Estates Practice....

Apply now

Litigation Paralegal

USA-MN-Rochester

Sandberg Law Firm is seeking a litigation paralegal for a full-time position in Rochester, MN. This ...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Senior Construction Litigation Associate Attorney

USA-FL-Miami

Miami office of our client seeks senior associate attorney with experience. The candidate should hav...

Apply Now

Labor Law Associate Attorney

USA-NY-White Plains

White Plains office of our client seeks associate attorney with 2-15 years of experience, defending ...

Apply Now

Litigation Associate Attorney

USA-MO-Kansas City

Kansas City office of a BCG Attorney Search Top Ranked Law Firm seeks litigation associate attorney ...

Apply Now

Most Popular

SEARCH IN ARCHIVE

To Top