France Legislates For Single, 28 Percent CIT Rate
by Ulrika Lomas, Tax-News.com, Brussels
27 December 2016
The French National Assembly has approved the Government's Budget for 2017.
The 2017 Finance Bill introduces a new 28 percent intermediate rate of corporate tax on annual income between EUR38,120 (USD39,670) and EUR75,000. It also affirms the Government's commitment to reduce the headline rate of corporate tax from 33.33 percent to 28 percent for all companies by 2020, thereby levying that rate on income both below and above that rate.
Currently, business income up to EUR38,120 per year is taxed at 15 percent, with the excess taxed at the headline rate of 33.33 percent.
The 2017 Finance Bill also includes around EUR1bn in personal income tax cuts, which are expected to benefit approximately five million low- and middle-income households from January 2017.
In addition, France's financial transactions tax on share trades will increase from 0.2 percent to 0.3 percent.
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