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France announces corporate tax surcharge, changes in VAT and increase in individual tax
- Added: November, 23rd 2011
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taxation measures to reduce debts
(Sunnyvale, CA) - The government of France announced plans to impose a `temporary' corporate tax "surcharge" of 5% for
2012 and 2013 for large companies.
The government also plans to increase the 5.5% reduced rate of value-added tax (VAT) to 7% (with certain limited
exceptions).
The move is part of France's second austerity package designed to increase corporate tax revenue and reduce government
expenditure and debts.
New corporate tax proposals
The proposal mainly focuses on two measures that would affect business taxpayers:
1. A temporary 5% surcharge on corporate income tax would be implemented in 2012 and 2013 for companies having an annual
turnover of 250 million or more.
2. The "reduced VAT rate" (currently at 5.5%) will be increased to 7% for all goods and services (with an exception to food and
certain goods/services provided to disabled persons).
Tax proposals for Individual Taxpayers
The French government also introduced an exceptional 4% individual income tax on taxpayers with income of 250,000 or more
if single and 500,000 or more for qualifying couples-- which is currently being considered by the French Parliament.
Some of the proposed measures concerning taxation of individuals, if enacted, would increase the individual income tax "flat
rate" that applies for dividends and savings income from 19% to 24%.
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