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France New 5% Corporate SurchargeNovember 2011 The French prime minister proposed on November 11 imposing of 5% surcharge on companies having an annual turnover exceeding EUR 250 million. The new surcharge if approved by the parliament would bring the effective tax rate for rich French companies to 36.15% including basic 33.5% standard corporate tax plus 3.3% social surcharge and additional 5% surcharge if applying to the social surcharge too. France New 2% Hotel TaxOctober 2011 Starting November 1 a new 2% tax will be imposed on hotel services in France. The new tax will apply on hotel services exceeding EUR 200 per night, before VAT of 5.5%. France Panama Double Tax TreatyJuly 2011 France and Panama signed on June 29 a double tax treaty, DTA, between the two countries. The treaty will come into force after ratification by both countries. France GDP up 0.6%March 2010 The French Institute of Statistics announced on March 30, 2010 that the GDP in the fourth quarter of 2009 increased by 0.6%, following a 0.2% increase in the third quarter of 2009. France Bank Bonuses TaxDecember 2009 France has decided to impose tax on bank bonuses paid to empoloyees.The details of the French new tax, similar to the U.K banks' bonuses tax, would be presented to the French parliment at the beginning of 2010. The German Chancellor welcomed the the imposing of the tax pointing out that banks and employees should bear the financial crisis too. France Australia Double Taxation TreatyJune 2009 The income tax treaty which was signed by both countries in June 2006 is now in force, starting June 1, 2009. France U.S. Protocol to Income Tax TreatyJanuary 2009 The U.S. and France signed on January 13, 2009 a protocol updating the current 1994 income tax treaty between the two countries. The protocol has some significant changes to the current treaty, including, under certain terms, exemption from tax withholding of dividend and cross border royalty payments. The protocol also rpovides for mandatory arbitration for cases not resolved by the two authorities within a specific period. It also deals with preventing "treaty shopping", in case of inappropriate use of a tax treaty by third country residents. For more details please see www.treas.gov. |
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