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France Ups Livret A Tax-Free Ceiling In 2013

by Ulrika Lomas, Tax-News.com, Brussels

26 December 2012


The French finance ministry has recently confirmed that the ceiling for the state-regulated tax-free savings account, the Livret A, is to rise by a further 25% to EUR22,950 (USD30,386) on January 1, 2013.

The finance ministry points out that this will be the second rise in quick succession. The government raised the tax-free ceiling by an initial 25% on October 1. The ceiling was increased from EUR15,300 to EUR19,125.

The second planned 25% rise in the Livret A tax-free ceiling is to be accompanied shortly afterwards by a reform of state-regulated savings accounts and their use. The aim of the reform is to finance social housing projects and local authorities at a reasonable cost, while at the same time guaranteeing the purchasing power of public savings.

Savings collected through the Livret A are currently centralized by the French state-owned financial institution Caisse des Depots et Consignations.

A report submitted by Pierre Duquesne back in September, commissioned by the French 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, recommended that the government increase the Livret A ceiling by 25% in 2015 and by a further 25% in 2016, in addition to the rises that have already been announced for this year.

TAGS: tax | investment

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