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



 

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Complex Litigation Attorney with 3-5 years of arbitration experience

USA-FL-Miami

Miami office of our client seeks complex litigation attorney with 3-5 years of law firm experience i...

Apply Now

Commercial Litigation Attorney with 1-3 years of experience

USA-TX-Dallas

Dallas office of our client seeks litigation attorney with 1-3 years of experience. The candidate wi...

Apply Now

Senior Business & Commercial Litigation Attorney

USA-CA-Irvine

Irvine office is seeking a business and commercial litigation attorney with 5+ years of experience. ...

Apply Now

Labor and Employment Attorney with 3-4 years of litigation experience

USA-CA-Los Angeles

Los Angeles office of our client seeks labor and employment attorney with 3-4 years of litigation ex...

Apply Now

RELEVANT JOBS

Legal Assistant- Bilingual

USA-NV-Las Vegas

Prestigious personal injury firm seeks superstar BILINGUAL legal assistant! Candidate MUST have...

Apply now

Paralegal

USA-AL-Montgomery

Overview The Southern Poverty Law Center is dedicated to fighting hate and bigotry and to seeking...

Apply now

Coordinator, International Contracts & Compliance

USA-NJ-Parsippany

Coordinator, International Contracts & Compliance The candidate will communicate closely with globa...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top