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France To Propose New Tax On Investment Revenue,
by Ulrika Lomas, Tax-News.com, London
Thursday, August 28, 2008
French President Nicolas Sarkozy is planning to impose an additional
tax on investment income in order to fund projects designed to help the unemployed
move back into work.
According to a report in the financial daily Les Echos, Sarkozy will officially
announce on Thursday his proposal for a 1% tax on revenue from real estate and
other investments, such as dividends, a levy he has named 'active solidarity
revenue' (RSA). The tax is expected to raise EUR1.4bn and will fund a major
part of the social programme.
This new levy would be paid in addition to existing investment taxes, the paper
reported.
Under the current system, some unemployed people are reluctant to take jobs
because they fear they will be less well off than on benefits. Sarkozy's plan
would provide additional money to those prepared to take low paid jobs.
The RSA has already been trialed in parts of France, and it is expected that the government will roll out the tax natioanlly in 2009.
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