The head of Medef, the French employers’ federation, on Wednesday warned that plans to introduce an amnesty on repatriated assets were doomed to failure unless the government overhauled the unpopular wealth tax.
"We do not believe such a measure would be effective so long as France maintains the ISF (Impôt Sur la Fortune) which is the reason for capital flight and prevents its return," Medef chief Ernest-Antoine Seillière stated in a radio interview.
Mr Seillière was responding to comments made by Prime Minister Jean-Pierre Raffarin last week which appear to have revived the idea of an investment amnesty after a previous proposal was dropped as a political hot potato.
The ISF, introduced in the 1980s, is an annual levy on declared capital of more than €720,000 and is applied on a progressive scale from 0.5% to 1.2%. The tax is thought responsible for the flight of around €11 billion from France in the last five years, according to a parliamentary report.
Rising property values have also brought many more individuals into the wealth tax net.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment