France’s planned 75-percent tax on salaries exceeding 1 million euros ($1.3 million) per year will be levied on firms in 2013 and 2014 and only for those two years, French business daily les Echos reported on Monday.
The Socialist government, in line with an election campaign pledge from President Francois Hollande, plans to make firms including football clubs pay a 75 percent tax on the portion of salaries they pay that exceed 1 million euros.
Hollande’s proposal ran into a storm of criticism from sports stars and business leaders in 2012 and was knocked back by France’s Constitutional Court as being confiscatory.
via CNBC
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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