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French deputies have voted in favor of an amendment to the draft 2017 Budget that will increase the country's tax on financial transactions and expand the tax's scope.
Under France's financial transactions tax (FTT), which has been in place since August 1, 2012, transactions in many listed shares are taxed at a rate of 0.2 percent, and derivative transactions are subject to a tax of 0.01 percent.
The amendment approved by members of the French Chamber of Deputies will increase the tax on share transactions to 0.3 percent, and extend the levy to short-term intra-day trades.
The main reason for the proposed FTT increase is to cover a shortfall in France's international aid budget. Currently, 50 percent of the revenues raised from the FTT are used to fund international development, but deputies have also voted to increase this percentage to 75 percent.
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