Press release
France Announces Corporate Tax Surcharge, Hikes VAT Rate to Reduce Debts
The French government also plans to increase the 'reduced' value-added tax (VAT) rate of 5.5% to 7%(with certain limited exceptions).
The move is part of France’s second austerity package designed to increase corporate tax revenue and reduce government expenditure and debts.
New Corporate Tax Proposals
The corporate tax proposal mainly focuses on two measures that would affect business taxpayers:
A temporary 5% surcharge on corporate income tax would be implemented in 2012 and 2013 for companies having an annual turnover of €250 million or more.
The “reduced VAT rate” (currently at 5.5%) will be increased to 7% for all goods and services (with an exception to food and certain goods/services provided to disabled persons).
Tax proposals for Individual Taxpayers
The French government also introduced an exceptional 4% individual income tax on taxpayers with income of €250,000 or more if single and €500,000 or more for qualifying couples— which is currently being considered by the French Parliament.
Some of the proposed measures concerning taxation of individuals, if enacted, would increase the individual income tax 'flat rate' that applies for dividends and savings income from 19% to 24%.
Please call or email for more details.
About Nair & Co.
Nair & Co. provides you with your one touch outsourced finance, internal audit compliance, HR and legal department for your international operations. If you are expanding abroad for the first time, our turnkey solution will help you do so with minimal risk, stress and cost. We currently support more than 1000+ client operations in over 50 countries and have core offices in U.K., India, China, U.S., Japan and Singapore. Nair & Co. was named among the top 100 outsourcing services providers in the world by the International Association of Outsourcing Professionals (IAOP). Learn more at www.nair-co.com
For More Information, Contact:
Nandita Verma
Nair & Co.
nandita.verma@nair-co.com
408-515-9048
Nair & Co., 1250 Oakmead Parkway, Suite 210
Sunnyvale, CA 94085 United States
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