Against the wishes of the French government, the Senate has adopted an amendment aiming to lower the general ceiling imposed on tax breaks in France. This measure will serve to further limit the maximum amount of cumulative reductions in income tax to which an individual taxpayer is entitled.
Put forward within the framework of the 2010 budget bill by Finance Committee rapporteur Philippe Marini, the amendment proposes to limit the amount of tax breaks to EUR20,000 (USD29,510) (reduced from EUR25,000) plus 8% of taxable income (currently 10%).
Defending the decision, Philippe Marini explained that this initiative was a clear move towards the Senate’s ultimate aim to progressively limit preferential regimes available in France.
French Budget Minister Eric Woerth has, however, vehemently opposed the measure, criticizing the timing, and warning that the amendment will merely serve to destablize the country’s taxation.
The proposal remains to be validated on December 14 by a joint commission, composed of seven deputies from the National Assembly and seven senators.
The Senate has also voted recently to subject 50% of the daily compensation received following an accident at work to income tax.
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