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Macron Sets Out Tax Policies For France

by Ulrika Lomas, Tax-News.com, Brussels

24 February 2017


Emmanuel Macron has said that if elected President of France he will cut corporate tax beyond reductions already planned by the current Socialist Government and reform France's wealth tax.

In a recent interview with Les Echos, Macron, a former economy minister in President Hollande's Government but now running as an independent centrist candidate, fleshed out his economic platform with a proposal to cut taxes by EUR20bn (USD21.1bn), with the reductions divided equally between businesses and individuals.

The program includes a reduction in corporate tax to 25 percent from its existing level of 33.33 percent over five years. This would exceed the cut to 28 percent for all firms by 2020 approved by the current Government.

In addition, Macron wants to remove investment income from the scope of the wealth tax, so that it effectively becomes a tax on high-value property.

Under current rules, the wealth tax, or ISF, is applied to income over EUR800,000 in cases where an individual's net assets exceed EUR1.3m. The ISF rate varies from 0.5 percent to 1.5 percent, and total accumulated wealth and income tax is capped at 75 percent of the individual's net global income.

An increase to environmental taxes is the only tax increase in Macron's plan.

TAGS: individuals | environment | Wealth | tax | investment | business | corporation tax | environmental tax | France

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