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France Mulls Increase In Tax-Free Saving Limits

by Ulrika Lomas, Tax-News.com, Brussels

28 September 2012


The French finance ministry has recently published details of a report submitted by Pierre Duquesne pertaining to the reform of state-regulated tax-free savings accounts, namely the Livret A.

Commissioned by the finance ministry and drafted following extensive consultation with the various stakeholders, notably those affected by the collection and use of the financial resources for social housing products, the report recommends that the government increase the Livret A ceiling by 25% in 2015 and by a further 25% in 2016, in addition to the planned rises that have already been announced for this year.

Publication of the report comes as the decrees pertaining to the government’s decision to swiftly increase maximum tax-free contributions are published in the country’s Official Journal.

As announced on August 22, the government plans to increase by 25%, from EUR15,300 (USD19,000) currently to EUR19,125, the ceiling applicable to Livret A contributions, and to double to EUR12,000 the ceiling applicable to the sustainable development savings account (LDD). The provisions are due to enter into force on October 1.

The second planned 25% rise in the Livret A ceiling is due to take place by the end of the year. The second increase will be accompanied by a reform of state-regulated savings accounts and their use, as part of efforts to better mobilize savings to finance the French economy. The reform will take into consideration the conclusions of the latest report.

Savings collected through the Livret A are currently centralized by the French state-owned financial institution Caisse des Depots et Consignations, and used to fund social housing projects.

TAGS: tax | investment | France

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