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(Jan 05, 2010) On December 16, 2009, following a Council of Ministers meeting, Christine Lagarde, the French Minister of Economy and Finances, announced that any bonuses above €27,500 (about US$39,345) paid to bankers for the year 2009 will be taxed at a rate of 50%. (Lagarde annonce une taxe de 50% sur les bonus des banquiers, LEMONDE.FR, Dec. 16, 2009, available at http://www.lemonde.fr/economie/article/2009/12/16/lagarde-annonce-une-ta
xe-de-50-sur-les-bonus-des-banquiers_1281345_3234.html
.)

This tax is to be included in the draft law amending the 2009 budget, which is to be prepared early in 2010. The revenues generated by the tax will be allocated to the fund guaranteeing banking deposits to finance the increase in deposit protection from €70,000 to €100,000 (about US$100,330 to 143,330) per client, as decided on by the European Union at France's initiative. (Id.)

Author: Nicole Atwill More by this author
Topic: Banks and financial institutions More on this topic
Jurisdiction: France More about this jurisdiction

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Last updated: 01/05/2010